Canada has entered a technical recession, defined as two consecutive quarters of negative real GDP growth, with the first quarter showing slightly negative annualized GDP growth primarily due to higher gold imports and weak performance in the resource extraction sector.
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Canada's economy in technical recession | Your MorningAdded:
The Canadian economy has slipped into a technical recession, according to new data from Statistics Canada. Economic growth stalled in the first quarter, and real gross domestic product was slightly negative on an annualized basis, according to the new numbers released within the last hour. The agency mainly blames higher imports of gold and a weak month for Canada's resource extraction industries in March for dragging down recent economic activity. Real GDP has now declined for two consecutive quarters, which meets the definition of a technical recession, although the data paints a mixed picture of the economy.
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