{"id":11736,"date":"2015-09-02T07:41:19","date_gmt":"2015-09-02T12:41:19","guid":{"rendered":"http:\/\/olduvai.ca\/?p=11736"},"modified":"2015-09-02T07:41:19","modified_gmt":"2015-09-02T12:41:19","slug":"recession-confirmed-as-canadas-gdp-shrank-in-2nd-quarter","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=11736","title":{"rendered":"Recession confirmed as Canada&#8217;s GDP shrank in 2nd quarter"},"content":{"rendered":"<h3 class=\"story-title\"><a href=\"http:\/\/www.cbc.ca\/news\/business\/gdp-economy-recession-1.3210790\" target=\"_blank\">Recession confirmed as Canada&#8217;s GDP shrank in 2nd quarter<\/a><\/h3>\n<p>Canada&#8217;s economy expanded in June but declined by 0.1 per cent for the second quarter as a whole, meeting the bar of what is legally defined as a recession.<\/p>\n<p>The economy expanded by 0.5 per cent in June, Statistics Canada said.<\/p>\n<p>But that slight monthly\u00a0uptick\u00a0wasn&#8217;t enough to offset the contraction in the previous two months, which means for the second quarter as a whole, the economy shrank.<\/p>\n<ul>\n<li><strong><a href=\"http:\/\/www.cbc.ca\/news\/business\/recession-knowing-if-we-re-in-one-matters-don-pittis-1.3207189\">Recession? Knowing if we&#8217;re in one matters: Don Pittis<\/a><\/strong><\/li>\n<li><strong><a href=\"http:\/\/www.cbc.ca\/news\/business\/alberta-has-lost-35-000-oilpatch-jobs-petroleum-producers-say-1.3208717\">Alberta has lost 35,000 oilpatch jobs, petroleum producers say<\/a><\/strong><\/li>\n<li><strong><a href=\"http:\/\/www.cbc.ca\/news\/politics\/how-a-recession-would-shake-up-the-election-campaign-1.3209066\">How a recession would shake up the election campaign<\/a><\/strong><\/li>\n<\/ul>\n<p>The economy also shrank in the first quarter, which means Canada&#8217;s economy has met the bare minimum required before a recession is declared \u2014 two consecutive quarters of decline.<\/p>\n<p>On an annualized basis, the economy shrank by 0.5 per cent in the April-to-June period, after contracting at an 0.8-per-cent annual pace in the first three months of 2015. For comparison purposes, the U.S. economy expanded by 3.7 per cent during the same period, the data agency noted.<\/p>\n<h2>The &#8216;R&#8217; word<\/h2>\n<div class=\"figure col4width floatright\"><img decoding=\"async\" src=\"http:\/\/i.cbc.ca\/1.2672259.1422455557!\/cpImage\/httpImage\/image.jpg_gen\/derivatives\/original_300\/que-plan-nord-20120228.jpg\" alt=\"Que Plan Nord 20120228\" width=\"100%\" \/><\/p>\n<p class=\"figure-caption\">Statistics Canada&#8217;s gross domestic product figures released today show the economy expanded in June, but declined by 0.1 per cent for the second quarter, meeting the bar of what is considered a recession. (Jacques Boissinot\/Canadian Press)<\/p>\n<\/div>\n<p>The numbers bring an end to what had been a contentious issue\u00a0during the current federal\u00a0election campaign.<\/p>\n<p>While most economists would agree that a recession is a more complex beast than merely pegging it to two quarters of negative growth, most agree it&#8217;s as good a place to start as any.<\/p>\n<p>Indeed, the\u00a0<a href=\"http:\/\/laws-lois.justice.gc.ca\/eng\/acts\/F-5.8\/page-1.html\">federal government&#8217;s recent legislation on balanced budgets<\/a>\u00a0defines a recession as\u00a0&#8220;a period of at least two consecutive quarters of negative growth in real gross domestic product for Canada, as reported by Statistics Canada.&#8221;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<div><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recession confirmed as Canada&#8217;s GDP shrank in 2nd quarter Canada&#8217;s economy expanded in June but declined by 0.1 per cent for the second quarter as a whole, meeting the bar of what is legally defined as a recession. The economy expanded by 0.5 per cent in June, Statistics Canada said. But that slight monthly\u00a0uptick\u00a0wasn&#8217;t enough [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[103,3544,3000,353,1264,1936],"class_list":["post-11736","post","type-post","status-publish","format-standard","hentry","category-economics","tag-canada","tag-cbc","tag-cbc-news","tag-gdp","tag-recession","tag-statistics-canada"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11736"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11736\/revisions"}],"predecessor-version":[{"id":11737,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11736\/revisions\/11737"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}