Canada enters technical recession as economy contracts for second straight quarter
By
Abby Hughes
Crackles when you bite it. Shows the baker did the work.
Summary
Canada's economy contracted in the first quarter of 2025 on an annualized basis, marking two consecutive quarters of annualized decline — a condition some economists call a technical recession. Statistics Canada data showed the contraction was slim but significant, with GDP negatively impacted by higher imports, though partially offset by inventory accumulation. The data points to stalled economic growth and raises concerns about the broader health of the Canadian economy.
Key quotes
· 3 pulledCanada'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.
First quarter GDP was negatively impacted by higher imports, though that was offset by a high accumulation of inventories, Statistics Canada said Friday.
Real GDP has declined for 2 consecutive quarters
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