Economy shrinks in May, Loonie falls behind - Macleans.ca

Economy shrinks in May, Loonie falls behind

StatsCan says lower gas, oil, and mining activity to blame

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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.

CBC News

 

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