The Canadian provinces currently receiving equalization payments (for 2025–26 and 2026–27 fiscal years) are:
Quebec (by far the largest recipient, ~$13.9 billion for 2026–27)
Manitoba (~$5.0 billion)
Nova Scotia (~$3.5 billion)
New Brunswick (~$3.3 billion)
Prince Edward Island (~$723 million)
Ontario (smaller amount, around $400 million)
Newfoundland and Labrador (smaller amount, around $180–200 million)
Key Notes
These are the seven “have-not” provinces that qualify based on the federal formula, which measures fiscal capacity (ability to generate revenue from taxes like personal income, corporate, and sales taxes).
Alberta, British Columbia, and Saskatchewan do not receive equalization payments, as they are considered “have” provinces with stronger fiscal capacity (mainly due to natural resources).
Equalization is an unconditional federal transfer meant to help less wealthy provinces provide reasonably comparable public services at reasonably comparable tax rates. The total program is around $26–27 billion annually.
Amounts can change slightly year to year based on economic data, but the list of recipient provinces has been stable in recent years (with Ontario and Newfoundland and Labrador receiving smaller/occasional amounts)
Oil prices rose more than 3 per cent on Monday after Iran and the U.S. traded strikes and Israel ordered troops to move further into Lebanon in its battle with Tehran-backed Hezbollah.
Brent futures were up US$2.68 or 3 per cent at US$93.80 a barrel at 7:21 a.m. ET. U.S. crude futures rose US$3.03 or 3.5 per cent to US$90.39 a barrel.
Over May, Brent and WTI lost around 19 per cent and 17 per cent, respectively. It was both contracts’ biggest monthly fall in absolute terms since March 2020 when the coronavirus pandemic slashed energy demand.
The fighting in the Middle East, after Washington hosted Israel-Lebanon peace talks on Friday, dimmed hopes that the U.S. and Iran could soon announce an extension to their ceasefire.
U.S. President Donald Trump said on Friday he would soon decide on a proposed deal to extend a ceasefire announced in early April.
Israel would be key to any such deal, and Iran has said repeatedly that Hezbollah and Lebanon must be included. The U.S. has proposed a “gradual de-escalation” plan, a U.S. official said on Sunday.
Concerns are rising about mines in the Strait of Hormuz, a key oil and gas shipping lane, IG analyst Tony Sycamore said in a note. “Even if an agreement is reached, it won’t deliver a flood of supply,” Sycamore said.
An Axios reporter said on X on Friday that Iran had dropped more mines in the strait earlier last week.
Iran’s Foreign Ministry spokesperson Esmaeil Baghaei said on Monday the delay in the diplomatic process to end the war can be explained by a lack of trust, Washington’s contradictory positions and Israel’s attacks on Lebanon.
Concerns over supply outweighed weekend economic data from China which showed stalling factory activity. This added to concerns the world’s second-largest economy is losing momentum.
Saudi Arabia is likely to cut its official selling prices (OSPs) for crude oil to Asia in July for a second month, a Reuters survey showed.
Goldman Sachs said on Sunday that weak oil demand in China and Europe poses a major downside risk to its fourth-quarter Brent crude forecast of US$90 a barrel and WTI forecast of US$83, although Middle East supply disruptions could still push prices higher.
Determines expectations for Federal Reserve policy.
Influences bond yields.
Impacts risk appetite globally.
Often drives TSX direction for several days.
TSX Impact
If Jobs Strong
If Jobs Weak
Banks ↑
Utilities ↑
Industrials ↑
Gold ↑
Technology ↑
REITs ↑
Gold ↓
Bond-sensitive sectors ↑
Stocks most sensitive:
Royal Bank of Canada
Toronto-Dominion Bank
Shopify
Kinaxis
B. Canadian Labour Market
The labour market remains a concern.
Recent data showed:
rising unemployment,
slowing hiring,
weaker employment growth.
TSX Impact
Positive:
Supports lower interest rates.
Negative:
Signals weaker consumer spending.
Negative for discretionary retailers.
Watch:
Canadian Tire Corporation
Loblaw Companies
Alimentation Couche-Tard
C. Bank of Canada Expectations
Markets increasingly expect the Bank of Canada to remain cautious after weak GDP data. The next BoC meeting is June 10, so investors will be positioning ahead of it all week.
Beneficiaries
Banks
Utilities
REITs
Telecoms
2. Geopolitical Events To Watch
A. USMCA Trade Negotiations
The U.S. and Mexico have begun discussions on revisions to USMCA, with Canada expected to be drawn into negotiations over the coming weeks. Automotive content rules, steel, aluminum and supply chains are key issues.
TSX Exposure
Most exposed:
Canadian National Railway
Canadian Pacific Kansas City
Magna International
Bullish:
Constructive negotiations.
Bearish:
New tariff threats.
B. Middle East / Oil
Markets continue to monitor:
Iran developments,
Strait of Hormuz shipping,
ceasefire implementation.
Recent progress on a ceasefire reduced oil prices, but risks remain elevated.
TSX Impact
If oil > US$95:
Energy sector likely leads.
If oil < US$85:
Energy underperforms.
Consumer and transportation sectors benefit.
Watch:
Canadian Natural Resources
Suncor Energy
Imperial Oil
Enbridge
C. China Economic Data
Manufacturing PMI releases from China are important for commodity demand expectations. Weak data would pressure industrial metals and resource names.
TSX Impact
Affected sectors:
Copper
Base metals
Materials
Watch:
Teck Resources
First Quantum Minerals
Lundin Mining
TSX Sector Scorecard For The Week
Sector
Outlook
Gold
Bullish
Utilities
Bullish
Telecom
Bullish
Banks
Neutral to Bullish
Energy
Neutral (oil dependent)
Consumer Staples
Neutral
Consumer Discretionary
Neutral to Bearish
Industrials
Trade-headline dependent
Technology
U.S. jobs dependent
Materials
China-data dependent
Key Levels To Watch
TSX Composite
Resistance: ~35,000
Major Resistance: ~35,500
Support: ~34,250
Major Support: ~33,750
WTI Crude
Bullish above: US$90
Strongly bullish above: US$95
Gold
Bullish above: US$4,400/oz
Strong breakout above: US$4,500/oz
Most Important TSX Catalysts This Week (Ranked)
U.S. Non-Farm Payrolls (June 5)
Middle East / Oil developments
USMCA / tariff headlines
China PMI data
Bank of Canada rate expectations ahead of June 10 meeting
Base Case (60% Probability)
TSX trades sideways to modestly higher.
Gold remains firm.
Banks stabilize.
Energy consolidates.
Investors position cautiously ahead of the June 10 Bank of Canada decision.
Euro zone’s unemployment rate, private sector credit and manufacturing PMI
Germany’s retail sales
(9:30 a.m. ET) Canada’s S&P Global Manufacturing PMI for May.
(9:45 a.m. ET) U.S. S&P Global Manufacturing PMI for May.
(10 a.m. ET) U.S. ISM Manufacturing PMI for May.
(10 a.m. ET) U.S. construction spending for April. The Street expects a month-over-month increase of 0.2 per cent.
(12 p.m. ET) Bank of Canada Senior Deputy Governor Carolyn Rogers appears before the House Standing Committee on Public Accounts.
Earnings include: Hewlett Packard Enterprise Co.
Tuesday June 2
Euro zone’s CPI
(10 a.m. ET) U.S. Job Openings & Labor Turnover Survey for April.
Earnings include: Dollar General Corp.; Palo Alto Networks Inc.
Wednesday June 3
China, Japan and Euro zone’s services and composite PMI
(8:15 a.m. ET) U.S. ADP National Employment Report for May.
(8:30 a.m. ET) Canadian labour productivity for Q1.
(9 a.m. ET) Canada’s S&P Global Services PMI for May.
(9:45 a.m. ET) U.S. Global Services/Composite PMI for May.
(10 a.m. ET) U.S. ISM Services PMI for May.
(10 a.m. ET) U.S. factory orders for April.
(2 p.m. ET) U.S. Beige Book is released.
Earnings include: Broadcom Inc.; CrowdStrike Holdings Inc.; Descartes Systems Group Inc.; Kraken Robotics Inc.; Macy’s Inc.; Medtronic PLC
Thursday June 4
Euro zone’s retail sales.
(8:30 a.m. ET) U.S. initial jobless claims for week of May 30. Estimate is 212,000, down 3,000 from the previous week.
(8:30 a.m. ET) U.S. productivity and unit labour costs for Q1. Analysts are projecting annualized rate rises of 0.5 per cent and 2.5 per cent, respectively.
(10 a.m. ET) U.S. Global Supply Chain Pressure Index for May.
Earnings include: Enghouse Systems Ltd.; Saputo Inc.
Friday June 5
Japan’s real cash earnings and household spending
Euro zone’s real GDP
(8:30 a.m. ET) Canadian employment for May. The Street expects a gain of 10,000 jobs with the unemployment rate remaining 6.9 per cent and average hourly wages rising 4.5 per cent year-over-year (unchanged from the previous month).
(8:30 a.m. ET) U.S. nonfarm payrolls for May. Consensus is a rise of 92,000 jobs with a steady unemployment rate of 4.3 per cent and average hourly wages gaining 3.5 per cent from the same period a year ago.
L.TO has traded largely in line with TTCS over the past 5 trading days because Loblaw is one of the largest constituents of the Consumer Staples sector.
L.TO slightly outperformed the broader TSX on a risk-adjusted basis, benefiting from continued investor demand for defensive stocks.
Investors continue to favor Loblaw’s grocery, pharmacy, discount-banner, and private-label businesses amid economic uncertainty.
Unlike Energy and Materials stocks, L.TO is driven primarily by earnings stability and cash-flow visibility rather than commodity prices.
Why L.TO and TTCS Moved Together
Loblaw is effectively a bellwether for the Consumer Staples sector in Canada.
Key positives supporting both L.TO and TTCS:
Defensive earnings profile.
Stable grocery demand.
Continued strength at discount banners such as No Frills.
Strong pharmacy business through Shoppers Drug Mart.
Private-label brands supporting margins.
As a result, when investors rotate toward safety, both TTCS and L.TO tend to rise together.
Relative Performance vs TSX
The TSX has recently been driven by:
Gold stocks
Energy producers
Large-cap technology names
When those sectors lead, defensive names like Loblaw often lag on strong market-up days but hold up better during pullbacks.
What Investors Are Focusing On
Positive Drivers
Risks
Grocery demand remains resilient
Valuation higher than historical average
Shoppers Drug Mart growth
Revenue growth moderating
Strong cash flow
Competitive grocery pricing
Discount-banner strength
Consumer spending remains cautious
Bottom Line
Over the past 5 days, L.TO has traded very similarly to TTCS and has generally held up well against the TSX. The market continues to view Loblaw as one of Canada’s premier defensive stocks. While Energy and Gold stocks may generate larger short-term moves, investors continue to reward Loblaw’s predictable earnings, grocery market leadership, and pharmacy exposure.
Next Catalysts to Watch
Food inflation trends.
Same-store sales growth.
Shoppers Drug Mart performance.
Consumer spending data in Canada.
Q2 earnings guidance.
A sustained improvement in consumer confidence would likely help the TSX more broadly, while continued economic uncertainty would tend to favor L.TO and the broader TTCS sector.
Yes, ATD.TO has modestly underperformed both the TSX Composite and the TSX Consumer Staples Index (TTCS) over the past week.
The primary reason is company-specific concerns, not a deterioration in the defensive retail sector.
Investors remain cautious following weaker fuel-volume trends and softer consumer spending trends discussed in recent earnings reports.
Other Consumer Staples names have benefited from a rotation into defensive sectors, while ATD faces additional uncertainty regarding growth and execution.
There has been no major positive catalyst for ATD in recent days, causing capital to flow toward stronger-performing staples stocks.
Key Reasons
1. Fuel Volumes Remain a Concern
ATD’s earnings have recently been affected by lower fuel demand and weaker traffic volumes. U.S. same-store fuel volumes declined, reflecting reduced travel activity and cautious consumer behaviour.
For Couche-Tard:
Fuel sales remain ~60%+ of revenue.
Small changes in fuel volumes can significantly impact earnings expectations.
Investors remain concerned that fuel demand growth may stay muted through summer.
2. Consumer Spending Is Still Soft
Couche-Tard generates profits from:
Convenience-store purchases
Prepared foods
Beverages
Fuel
Management has previously noted that lower- and middle-income consumers remain value conscious and are limiting discretionary purchases.
This is a greater concern for ATD than for many TTCS constituents.
3. Lack of a Near-Term Catalyst
Over the past week:
No major acquisition announcement.
No earnings surprise.
No analyst upgrades.
Meanwhile investors have been favouring stocks with clearer earnings momentum.
4. TTCS Has Been Led by Stronger Staples Names
The TSX Consumer Staples Index has recently been supported by companies such as:
Loblaw Companies
Empire Company
Metro Inc.
Dollarama
These businesses are viewed as direct beneficiaries of:
Food inflation
Value-seeking consumers
Stable recurring demand
ATD has some defensive characteristics but remains more exposed to fuel demand cycles.
What the Market Is Saying
Current investor sentiment appears to be:
Positive Factors
Negative Factors
Strong balance sheet
Slowing fuel volumes
Global footprint
Soft consumer spending
Food-service growth
Recent EPS misses
Acquisition capacity
Lack of immediate catalyst
Analysts generally remain constructive longer term because of ATD’s strong cash flow, food-service expansion, and acquisition capability. However, the market currently wants evidence of renewed earnings growth before rewarding the stock with a higher valuation.
Bottom Line
The recent underperformance versus TTCS and the TSX is mainly due to:
Concerns about fuel-volume growth.
Continued pressure on discretionary consumer spending.
No major positive catalyst during the past week.
Investors favouring grocery and discount-retail names such as Dollarama and Loblaw.
For the next 1–3 months, the most important drivers for ATD will be:
Same-store merchandise sales.
Fuel-margin trends.
Food-service growth.
Any strategic acquisitions or capital allocation announcements.
If fuel volumes stabilize and food-service growth continues, ATD could begin closing the performance gap versus TTCS.
Canadian stocks edged higher on Friday as investors welcomed the developments in U.S.-Iran negotiations to end the war. However, today’s economic data release, technically indicating the economy is in recession, held traders back from big moves which capped the gains.
After opening higher than yesterday’s close, today the benchmark S&P/TSX Composite Index gave ground initially but later gained momentum to trade positively throughout the rest of the session before settling at 34,758.57, up by 240.87 points (or 0.70%).
Five of the 11 sectors posted gains today, with the IT sector leading the pack.
As the U.S.-Israel versus Iran war entered day number 91 today, the ceasefire announced early in April still holds.
A couple of days before, U.S. forces stationed near Iran targeted Iranian boats attempting to lay sea mines across the Strait of Hormuz and missile-launching sites near the port city of Bandar Abbas in southern Iran. In retaliation, Iran’s Islamic Revolutionary Guards Corps launched strikes on U.S. bases.
Yesterday, Axios reported that a Memorandum of Understanding, aiming to extend the ongoing ceasefire for another 60 days and allow the immediate reopening of the Strait of Hormuz, has been drafted.
The report stated that the proposal needs to be approved by U.S. President Donald Trump. According to the MoU, the 60-day period would be dedicated for discussing Iran’s nuclear programs.
Today, Trump explained his stance on the framework agreement through Truth Social. Trump acknowledged that the negotiations have advanced on lesser issues but stated that key points needed to be worked out.
Trump reiterated that Iran must neither develop nor possess a nuclear bomb and repeated his demand for unearthing the enriched uranium material buried deep underground (Nuclear Dust) in Iran and destroy it with assistance from the U.S., Iran, and the International Atomic Energy Agency.
Trump wanted the immediate reopening of the Strait of Hormuz with unrestricted shipping traffic in both directions and no tolls levied. He urged Iran to remove or detonate all the sea mines planted by the nation earlier.
Trump promised to lift the U.S. naval blockade on Iranian ports if Iran complies with his demands. Trump added that he would take a final call after a meeting in the Situation Room of the White House.
Following Trump’s post, expectations of the resumption of oil and energy trade across the Strait of Hormuz after nearly three months’ time increased and market sentiments received a boost.
On the economic front, data released by Statistics Canada revealed that the Gross Domestic Product in Canada decreased at an annualized 0.10% rate in the first quarter, extending the 1.00% drop from the previous period.
With imports surging, and falling business capital investment (0.70%) and government capital investment (2.50%), the numbers reveal that three of the last four quarters have posted negative GDP growth.
Economists are concerned that the economy has slipped into a technical recession. However, since monthly GDP figures suggested mild positive growth in Q1 2026, the true trajectory of the economy is uncertain, according to experts.
Q2 2026 numbers will be released by Statistics Canada on August 28.
Yesterday, the Bank of Canada released its annual Financial Stability Report.
The report warned of increasing vulnerabilities, especially from the Middle East war, all of which could crystallize and expose Canada’s economy to more damage.
Major sectors that gained in today’s trading were IT (4.68%), Materials (2.61%), Communication Services (0.48%), Financials (0.34%), and Consumer Staples (0.24%).
Among the individual stocks, Celestica Inc (10.17%), Coveo Solutions Inc (7.49%), Kinaxis Inc (5.56%), Montage Gold Corp (8.34%), Equinox Gold Corp (8.29%), and Aya Gold and Silver Inc (7.84%) were the prominent gainers.
Major sectors that lost in today’s trading were Industrials (0.19%), Healthcare (0.39%), Real Estate (0.88%), Utilities (0.98%), and Energy (1.16%).
Among the individual stocks, International Petroleum Corporation (3.07%), Vermilion Energy Inc (3.06%), Imperial Oil (3.06%), Hydro One Limited (2.31%), Firstservice Corporation (3.41%), and Mda Space Ltd (8.42%) were the notable losers.
Canada ranks as one of the smaller G7 economies by total GDP but performs solidly in several areas, though it lags in per capita terms and productivity growth. The G7 includes Canada, the US, UK, Germany, France, Italy, and Japan. Here’s a comparison based on recent data (primarily 2025–2026 projections from IMF, OECD, and national sources).
Total GDP (Nominal, 2026 Projections)
Canada has the smallest or near-smallest total economy in the G7:
US: ~$32.4 trillion (by far the largest)
Germany: ~$5.0–5.5 trillion
Japan: ~$4.3 trillion
UK: ~$3.9–4.0 trillion
France: ~$3.4 trillion
Italy: ~$2.5–2.6 trillion
Canada: ~$2.51 trillion (11th globally)
Canada’s economy is resource-heavy (energy, commodities) and closely tied to the US via trade.
GDP Growth
Canada has shown resilience in total GDP growth, often ranking near the top of the G7, largely driven by population growth (immigration).
Recent performance: It entered a TECHNICAL RECSSION with contractions in late 2025 and Q1 2026 (e.g., -1.0% in Q4 2025, -0.1% in Q1 2026 annualized).
Longer-term: Strong total GDP growth since the 2000s (often 2nd to the US), but this is heavily population-driven.
GDP Per Capita
This is where Canada lags:
Canada’s per capita GDP (~$60,300 in recent IMF data) is solid but trails the US, UK, and Germany significantly.
Per capita growth has been weak or negative in recent years due to rapid population increases outpacing output. Canada had the worst per capita GDP growth in the G7 from 2014–2023 in some analyses.
This reflects lower productivity growth compared to peers.
Unemployment
Canada’s rate is higher than the G7 average:
Canada: ~6.7–6.9% as of early-mid 2026 (second-highest in G7 behind France in some periods).
G7 average: ~4.6–5.3%.
Lower rates in Japan (~2.5%), Germany (~3–4%), and the US.
Canada’s labour market has softened with higher immigration and slower hiring.
Debt and Fiscal Position
Government debt-to-GDP: Canada ~103–111% (mid-range in G7). Better than Japan (>200%), Italy (~135%), and the US (~121%), but worse than Germany (~64%).
Canada has a relatively smaller deficit than the US but has seen rising debt burdens in recent years.
Other Factors
Inflation: Canada has generally managed it better than some G7 peers post-pandemic.
Strengths: Resource exports, trade ties with the US (USMCA), fiscal soundness relative to some peers, and adaptability.
Challenges: Productivity stagnation, housing affordability, reliance on immigration for growth, energy price volatility, and recent trade/tariff pressures. Per capita metrics and business investment have been weak.
Summary: Canada has one of the smallest total economies in the G7 but often ranks high in total GDP growth thanks to population gains. It underperforms on per capita growth, productivity, and unemployment compared to top peers like the US and Germany. Its economy remains resilient and resource-rich but faces structural issues around living standards and efficiency. Data can shift with new releases from IMF/OECD/Statistics Canada.
Globe & Mail: May 29/2026
The Canadian economy stalled in the first quarter of the year, posting a small, annualized decline in gross domestic product as the country struggles to grow in the face of trade tensions with the United States.
Canada’s real GDP contracted 0.1 per cent on an annualized basis between January and March, Statistics Canada reported Friday. This was much weaker than the 1.5-per-cent growth predicted by economists at the Bank of Canada and on Bay Street and follows a 1-per-cent decline in the fourth quarter of 2025.
Two consecutive quarters of negative GDP growth is sometimes referred to as a “technical recession.” However, economists cautioned that it may be premature to use the term, as the first-quarter decline was small, and could easily be revised upward.
The last time the country saw back-to-back quarterly declines in GDP was at the outset of the COVID-19 pandemic in 2020. The Canadian economy has now contracted in three of the past four quarters.
“While there will be plenty of debate over whether this constitutes a recession (we would say ‘no, not really’) ???????, there is little debate that the economy has struggled to make any headway over the past year amid the ongoing trade conflict,” Douglas Porter, chief economist at the Bank of Montreal, wrote in a note to clients.
On a per capita basis, GDP rose 0.2 per cent compared with the previous quarter, as the population declined for the second consecutive quarter on the heels of more restrictive immigration policy.
Statscan’s separate monthly GDP report, published Friday, showed a 0.1 per cent month-to-month decline in March. An advanced estimate for April showed 0.4-per-cent growth, suggesting the economy began to pick up steam at the start of the second quarter.
The weak first-quarter number likely reinforces the case for the Bank of Canada to remain on hold in the coming months. The central bank has kept its policy rate at 2.25 per cent for four consecutive decisions. Recently, it has had to balance upside risks to inflation from the global oil price shock with downside risks to inflation stemming from slack in the Canadian economy.
“Overall, this should really throw a wet blanket on rate-hike talk, as the economy is in no condition to deal with higher rates,” Mr. Porter wrote.
Financial markets have pulled back on their expectations for multiple rate hikes from the Bank of Canada this year, but still see one quarter-point hike, in December, according to Bloomberg data.
The first quarter GDP contraction was led by a combination of weak investment and a jump in imports, which are subtracted from the GDP tally.
Government capital investment fell 2.5 per cent quarter-to-quarter, as Ottawa slowed its pace of spending on new weapons systems.
Business capital investment fell 0.7 per cent – the fifth consecutive quarterly decline – with higher spending on machinery and equipment and mineral exploration offset by a decline in spending on engineering structures.
“Business investment continues to be the Achilles’ heel of the Canadian economy,” Marc Desormeaux, economist and vice-president of policy at the Business Council of Canada, said in an interview.
“The big thing is uncertainty – uncertainty around trade policy, uncertainty around geopolitical developments,” he said, pointing to the upcoming review of the United States-Mexico-Canada trade agreement.
Meanwhile, the soggy housing market continued to be a drag, with resale housing activity down 9.9 per cent in the first quarter, following a 3.4-per-cent decline in 2025 overall.
A big jump in imports compared with exports also dragged down the GDP calculation in the first quarter. Imports were up 2.9 per cent, driven by imports of gold, passenger cars and industrial machinery and equipment. By contrast, exports were down 0.1 per cent in the quarter, with fewer shipments of cars and trucks heading to the U.S. because of tariffs.
Consumer spending grew 0.4 per cent in the quarter, following a 0.7-per-cent increase in the fourth quarter of 2025. Increases in spending on financial services and food were offset by lower spending on vehicles.
“Overall this was a very weak report from most angles that shows that trade uncertainty and tariffs are continuing to hold back growth, while consumers have little ammunition left for spending ahead, and interest-sensitive sectors are lagging,” Katherine Judge, senior economist with Canadian Imperial Bank of Commerce economist, wrote in a note to clients.
“Our base case also assumes progress towards reducing some tariffs (namely aluminum and possibly steel) in the coming months, and if the oil price shock starts to fade over that period as well, GDP will return to sustainable growth for the rest of the year,” she wrote.
Conservative MPs pounced on the report Friday to criticize the Liberal government’s economic record, leaning into the notion that the country is in a “technical recession.”
Mark Carney “has been Prime Minister for four quarters now. The economy has shrunk in three of those quarters,” Conservative Leader Pierre Poilievre told reporters.
Finance Minister François-Philippe Champagne defended the government’s record in Friday’s Question Period, saying “Canadians understand that the world is facing some headwinds.”
With a report from Bill Curry
{NOTE: Bill Curry is a veteran parliamentary reporter with Liberal Bias}
Statistics Canada says economic growth stalled in the first quarter and real gross domestic product was slightly negative on an annualized basis.
Real GDP has now declined for two consecutive quarters – meeting the definition of a technical recession – though a close look at the data paints a mixed picture of the economy.
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.
