Canada officially enters recession

[Pete]

The Canadian economy has entered recession, official figures have shown.

Gross domestic product (GDP) fell by an annualised rate of 0.5% between April and June.

That follows a contraction of 0.8% in the first quarter, meaning the economy has seen two consecutive quarters of negative growth, the usual definition of recession.

The data will be a blow for prime minister Stephen Harper, who faces elections on 19 October.

The economy is expected to dominate the election debate.

The last time the country was in recession was during the financial crisis of 2008-09. As an oil exporting country, Canada has been hit by a fall in the price of the commodity.

US crude oil prices are currently trading at about $47 a barrel, less than half last year's level of $107 a barrel, pushed lower by a fall in global demand, particularly from China.

http://www.bbc.com/news/business-34116189


(meanwhile everything is peachy-keen here in the states!)

[nolaxride]

That will last until oil is at, IIRC, the $65 level... at which point they'll be back, as will franking in this country... the ME has lost the war. They either keep the price of oil artificially low and bankrupt themselves (do NOT ask bewwie for a definition), or they allow the US to become the largest producer in the world.

I'd say the future is so bright, I've gotta wear shades.

[DallasDimeBags]

The Canadian economy has entered recession, official figures have shown.

Gross domestic product (GDP) fell by an annualised rate of 0.5% between April and June.

That follows a contraction of 0.8% in the first quarter, meaning the economy has seen two consecutive quarters of negative growth, the usual definition of recession.

The data will be a blow for prime minister Stephen Harper, who faces elections on 19 October.

The economy is expected to dominate the election debate.

The last time the country was in recession was during the financial crisis of 2008-09. As an oil exporting country, Canada has been hit by a fall in the price of the commodity.

US crude oil prices are currently trading at about $47 a barrel, less than half last year's level of $107 a barrel, pushed lower by a fall in global demand, particularly from China.

http://www.bbc.com/news/business-34116189


(meanwhile everything is peachy-keen here in the states!)

I sure hope that doesn't screw up my backup health care plan of moving to Canada.<G>

[brookboy123]

America's economy is the envy of the civilized world.