Canada GDP unexpectedly shrinks in first quarter

Market Watch ^ | May 29, 2015 | By Paul Vieira

[Oldeconomybuyer]

OTTAWA--The Canadian economy shrank in the first quarter, posting its worst three-month performance in the post-crisis era, as business investment plunged in response to the decline in crude prices.

Canada's gross domestic product declined 0.6% on an annualized basis in the first quarter, to 1.762 trillion Canadian dollars ($1.416 trillion), Statistics Canada said Friday. Market expectations were for 0.3% advance in the January-to-March period, according to a report from Royal Bank of Canada.

[Oldeconomybuyer]

There's that word again.

[BenLurkin]

[Buckeye McFrog]

My Gawd, the Obama lies have gotten so big, they’ve spilled across the border!

[George from New England]

The only reason for this story is to provide cover for the U.S. GDP failure. MSM at work again.

[Gaffer]

Obama: “Hell yeah! It’s CANADA’s fault!”

[Smokin' Joe]

I’d bet their oil prices went down, too....

[dowcaet]

Has GWB been up in Canada lately. Everything is his fault anyways.

[Paladin2]

Because. Fossil Fuels

[Don Corleone]

Good old “Unexpectedly”. I’m gonna name a kid “Unexpected” Oh wait that might be misinterpreted.

[Theoria]

Australia is suffering as well. Commodity exports aren't’ having the best of times. Australia, though has a terrible housing economy[bubble].

[MNDude]

Of course they can always find another country with a downward quarter.

[Paladin2]

Is Australia expanding its money base and loaning the banker gangsters cash at zero interest?

[Celtic Conservative]

LOL

Beat me to it!

CC

[Theoria]

Bernanke is suggesting they ‘might’ have to weaken their dollar and expand their domestic spending.

[Sam Gamgee]

I mean for my compatriots who somehow thought Canada would be so special as to weather a worldwide recession; what kool-aid are they drinking? Canada is a small country that depends on demand for its products outside its borders. Mainly the heavy lifting has been done by oil and gas, and those have suffered a major price readjustment. I mean what else would hold our economy together? Fishing? (sarc)

[MrB]

[Theoria]

Canada is in a better position than most. No worries.

[Sam Gamgee]

I don't know about that. The national debt has grown under the CPC, and OAP is a huge and growing line item in our national budget. As well as soaring healthcare costs.

[Theoria]

Sure, but there wasn’t a housing ‘issue’ as much as we had down here. Debt is a universal problem, but Canada has a wealth of natural resources and I think ya’ll will fix problems before we will.

[Paladin2]

Eastern Canada (Ontario) had/has a manufacturing base, but Ontario Truck Plant closed? and it sounds like one of the GM lines in Oshawa closed too.