Canada slips into technical recession as economic growth stalls in 1st quarter

RCI / Thomson Reuters ·

Canada’s economy ‌contracted in the first quarter of the year on an annualized basis by a slim margin, Statistics Canada data showed on Friday, making it two consecutive quarters of annualized decline, which some would call a technical recession.

However, on a quarterly basis, the first quarter GDP was unchanged against ​a decline in the fourth quarter of last year, closely ​escaping the definition of a technical recession on a quarter-on-quarter basis.

Gross domestic product declined at an annualized rate of 0.1 per cent in the first quarter, Statistics Canada ​said, compared with a downwardly revised contraction of one per cent in the fourth quarter ⁠of last year….

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