Is Canada’s Economy Shriveling?

It doesn’t take an economic genius to realize that Canada’s economy isn’t at the best it could be at the moment.  As a matter of fact, it’s the worst it has been in seven years.  The second quarter of the year has proven to have withered down to 1.6%, mainly due to the Fort McMurray wildfires that occurred earlier this year in Alberta.

The decrease in gross domestic products (GDP) was a result of Canadian exports dropping 4.5% even though the quarter before it had increased by 1.9%.  All of this is a chain reaction of the Alberta wildfire which had forced the energy operation to restrict production.

What does this mean?

Although the decline was a record low in almost a decade, analysts are optimistic going into the third quarter.  Predictions had stated a rebound effect for the third party of the year and with both car production and the new Canada Child Benefit payments rolling out from July, consumer can begin to spend more and bring up the economy.

To learn more about today’s economy, check out Choras’ weekly blog here featuring current affairs, tips for business owners and today’s financial news!

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