Fires torch economy, biggest monthly GDP decline in more than 7 years
Friday, Statistics Canada's latest reading for real gross domestic product showed a contraction for the month of 0.6 per cent, a number that revealed the extent of the economic fallout caused by the blazes that roared through the heart of oilsands country.
The dip in the economy was a little deeper than expected. Economists had predicted real GDP to recoil 0.4 per cent, according to Thomson Reuters.
The number, Canada's worst monthly figure since real GDP fell 0.8 per cent in March 2009, supported the already-dismal growth prospects for the second quarter.
The wildfires led to the evacuation of Fort McMurray, destroyed more than 2,000 structures and shut down key crude operations.
The decline in real GDP for May was largely due to a 22 per cent drop in non-conventional oil extraction, which Statistics Canada said was the sector's lowest level of output since May 2011.
Fires torch economy, biggest monthly GDP decline in more than 7 years | National Newswatch
Friday, Statistics Canada's latest reading for real gross domestic product showed a contraction for the month of 0.6 per cent, a number that revealed the extent of the economic fallout caused by the blazes that roared through the heart of oilsands country.
The dip in the economy was a little deeper than expected. Economists had predicted real GDP to recoil 0.4 per cent, according to Thomson Reuters.
The number, Canada's worst monthly figure since real GDP fell 0.8 per cent in March 2009, supported the already-dismal growth prospects for the second quarter.
The wildfires led to the evacuation of Fort McMurray, destroyed more than 2,000 structures and shut down key crude operations.
The decline in real GDP for May was largely due to a 22 per cent drop in non-conventional oil extraction, which Statistics Canada said was the sector's lowest level of output since May 2011.
Fires torch economy, biggest monthly GDP decline in more than 7 years | National Newswatch
