Canadian Economy Stalled During Second Quarter

Friday, 1 September 2023 09:39

By Linda Morgan

Statistics Canada says the economy shrunk by 0.2 percent

The Canadian economy struggled in the second quarter.

According to the latest GDP report from Statistics Canada, the economy contracted at an annualized rate of 0.2 percent.

The drop was led by a decrease of 8.2 percent in new construction, causing a 2.1 percent decline in housing investment.

Meanwhile, renovation spending was down 4.3 percent.

The agency also changed its first quarter growth reading to an annual pace of 2.6 percent.

It was originally at 3.1 percent.

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