Canada is officially out of recession: StatsCan
It’s official: Canada is out of the mild, technical recession that it fell into in the first half of 2015.
According to federal agency Statistics Canada, Canada’s GDP grew at an annualized rate of 2.3 per cent during the three-month period that ended in September, boosted by improved performances in exports and household consumption.
Helped in particular by a low Canadian dollar that makes Canadian products more attractive in foreign markets, exports of goods rose 2.7 per cent in the quarter, StatsCan said, led by strong increases in cross-border shipments of motor vehicles and parts.
Earlier this year, the economy fell into the technical definition of a recession after it contracted for two straight quarters.
But there are already signs that the current rebound may not be very strong. The economy expanded at an annual pace of 2.3 per cent in the three months that ended in September 2015, slightly below economists’ expectations of 2.4 per cent growth. The economy then contracted by 0.5 per cent at a non-annualized rate in September, StatsCan said, a decrease that the agency linked to Canada’s hobbled manufacturing and natural resources sectors.