A dip in crude petroleum and the Fort McMurray wildfires were mostly responsible for the 1.6% drop in Canada’s economy.
The second quarter report did not paint a pretty picture but Stats Canada Analyst, Allan Tomas says it wasn’t all bad.
“Outside of that, we saw growth in many areas as household spending increased as well as Canada’s terms of trade so there was some growth in other areas of the economy.”
The economy is performing at it’s weakest state since the 2009 recession.
Tomas believes the one-quarter decline is nothing to panic over and believes the economy will enjoy a nice rebound.
The provincial GDP breakdown will be released next spring.