StatsCan says lower gas, oil, and mining activity to blame
According to Statistics Canada, Canadian mining, oil, and gas activity has fallen drastically, causing the country’s economy to shrink unexpectedly. Real gross domestic product increased 0.3 per cent in May, taking analysts who expected the economy to grow 0.2 per cent in May off guard. Experts say economic growth in the second quarter will be weaker. The Canadian dollar decreased by US$0.60 of a cent to US$104.49 cents on Friday.