ECONOMIC SLOWDOWN IN MAY WORST IN OVER 7 YEARS

Jul 29, 2016

By Bob Komsic

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The Canadian economy contracted by 0.6% in May as a slowdown in manufacturing and the Alberta wildfire combined for the worst Gross Domestic Product figure since March 2009.
Fort Mac
The Fort McMurray wildfire sent oilsands output down 22% for the month, and following an 8.1% drop in April, the output level’s at its lowest since May 2011.
GDP May 2016
Remove the impact of the wildfire from the equation the economy still would have shrank by about 0.1%.
Bank of Montreal economist Doug Porter says the good news is ”the fall should prove to be a one-month wonder”.
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