Tom Sweeney

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Archive for March 2nd, 2009

Canada has worst 4th quarter since early 90’s

Posted by sweens on March 2, 2009

Reports coming out of Ottawa today claim that the Canadian economy shrank more in the 4th quarter then at any time since 1991.  Statistics Canada is reporting that the economy shrank at an annualized rate of 3.4% in the 4th quarter confirming that the country is now in a recession and reinforces expectations of a central bank interest rate cut.

This quarter was the worst performance since 1991 when the economy shrank by 5.9% in the first quarter. 

Despite the economic decline, the results were slightly better then expectations.  Projections pegged the Canadian economy to shrink by 3.6% in the quarter. The report goes on to explain that the economy is almost as bad as expected with spending down in all areas except Government. 

To read the full article, please visit:

http://ca.news.yahoo.com/s/reuters/090302/canada/canada_us_economy_gdp

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