Oil is bringing Canada's GDP down

[mentalfloss]

Oil sucks.


Canada’s GDP shrinks in January amid drop in oil production, Statistics Canada says

OTTAWA—Canada’s gross domestic product (GDP) unexpectedly shrank in January, as the economy faces a broad slowdown after surging last year.

Gross domestic product contracted 0.1 per cent during the month, Statistics Canada reported Thursday in Ottawa, weighed down by sharp drops in oil production.

On the plus side, Statistics Canada revised up its estimate for December GDP growth to 0.2 per cent from 0.1 per cent initially.

The monthly GDP decline was the largest since May 2016, driven by a 3.6-per-cent drop in oil and gas extraction. Statistics Canada cited a 7.1-per-cent reduction in oilsands production due to unscheduled maintenance shutdowns.

https://www.thestar.com/business/ec...onomy-unexpectedly-contracted-in-january.html

 

[pgs]

Great news , less transfer money available for Quebec .

 

[Hoid]

must be time for another bailout

 

[Walter]

Oil is not bringing down the GDP, the lack of oil production is bringing down the GDP. In other werds, if more oil was produced Canada's GDP would improve. Thanks Justine.

 

[darkbeaver]

A manufactured GDP should not overcome an organic IQ. Sadly such is often not the case with booger eaters and congenital idiots.

 

[Curious Cdn]

Oil is not bringing down the GDP, the lack of oil production is bringing down the GDP. In other werds, if more oil was produced Canada's GDP would improve. Thanks Justine.

So, if we produce lots and lots and lots of oil, the price and margins go UP!

I like your thinking!

...macroeconomic magic!

 

[Hoid]

Lets just pour more money into oil and gas. Just like always.

 

[captain morgan]

Oil is not bringing down the GDP, the lack of oil production is bringing down the GDP. In other werds, if more oil was produced Canada's GDP would improve. Thanks Justine.

Thank goodness for the manufacturing sector in Ontario keeping Canada afloat.

If it weren't for them, tater tot would have to borrow 20 or 30 billion dollars from the intl markets.

Phew!!

 

[Curious Cdn]

Thank goodness for the manufacturing sector in Ontario keeping Canada afloat.

If it weren't for them, tater tot would have to borrow 20 or 30 billion dollars from the intl markets.

Phew!!

...in spite of your friend Donald, the manufacturing sector soldiers on due to NAFTA and a low Canadian dollar. Maybe, your hero will manage to destroy that but is it really worthwhile, just to make a cluster of separatists in Alberta feel smug and superior?

 

[captain morgan]

Premier Reddenbacher is managing to destroy ontario's mfg economy all by her lonesome just fine.

.. Hydro bills come to mind, especially as Ontario sells power to the US for far less $$ than she's raping your own provincial mfg compatriots.

 

[Curious Cdn]

Premier Reddenbacher is managing to destroy ontario's mfg economy all by her lonesome just fine.

.. Hydro bills come to mind, especially as Ontario sells power to the US for far less $$ than she's raping your own provincial mfg compatriots.

Governments come ... governments go ... (One is about to go, now.) Manufacturing in Ontario is about 125 years old and it continues in spite of the crap. We're a bit expensive but Canadian quality is very high.

 

[captain morgan]

Governments come ... governments go ... (One is about to go, now.) Manufacturing in Ontario is about 125 years old and it continues in spite of the crap. We're a bit expensive but Canadian quality is very high.

Well, can't say I disagree, but, you folks have a ton of debt right now and hopefully you'll get a gvt in place that decides to swallow that pill and do something about it rather than dig the hole deeper.

 

[pgs]

Well, can't say I disagree, but, you folks have a ton of debt right now and hopefully you'll get a gvt in place that decides to swallow that pill and do something about it rather than dig the hole deeper.

Nah won’t happen , government unions have to much sway . Even right leaning parties are afraid of them .

 

[captain morgan]

Nah won’t happen , government unions have to much sway . Even right leaning parties are afraid of them .

I get it, but when the cupboards are bare, there is little that can be done.

Gonna have to take a page out of Klien's book and start slashing costs

 

[pgs]

I get it, but when the cupboards are bare, there is little that can be done.

Gonna have to take a page out of Klien's book and start slashing costs

The mean stinking dirty rotten stinking to the core conservatives will come in with an austerity budget and be run out of town on rails .

 

[captain morgan]

Maybe.

But given Ontario's fiscal condition, they will find it extremely difficult to get any kind of debt financing that is competitive.... And by 'competitive', I mean they will have to settle for predatory lending terms.... That is, until the Feds or IMF step in and force austerity on them

 

[Tecumsehsbones]

Less oil means less GDP, so mentalfloss wants even less oil, and clearly, even less GDP.

You truly cannot fix stupid.

 

[Jinentonix]

Less oil means less GDP, so mentalfloss wants even less oil, and clearly, even less GDP.

You truly cannot fix stupid.

No fears. All those $15/hr burger flippers will turn things right around. :lol:

 

[Tecumsehsbones]

No fears. All those $15/hr burger flippers will turn things right around. :lol:

Oddly, the "conservatives" are taking back the word "liberal." Not that they're trying to, mind, but the lefties are getting downright Puritan, touting the moral virtues of poverty, deprivation, and chastity, and working assiduously to crush freedom of thought and speech.

 

[Jinentonix]

Oil sucks.

So do hypocritical douchenozzles who own ICE powered cars and whine about oil. For god sake man, at least go buy a hybrid so you can pretend you actually give a shit.