Statistics Canada says economic growth as measured by GDP stalled in the first quarter and real gross domestic product was slightly negative on an annualized basis.
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.
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Real GDP has now declined for two consecutive quarters – meeting the definition of a technical recession – though the data paints a mixed picture of the economy.
Real GDP declined last October and in March, but growth was either flat or positive in the four months in between.
On a quarter-over-quarter basis, StatCan says growth was essentially unchanged, but small movements in quarterly figures are magnified when converted into annualized rates.
The agency’s early estimates for real GDP in April call for a sharp rebound to 0.4 per cent growth in the month as the mining, quarrying and oil and gas sectors returned to growth.
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