Josh Elliott, CTVNews.ca Published Tuesday, September 1, 2015 6:15AM EDT
Canada posted its second consecutive quarter of negative GDP growth in June, meeting the technical definition of a recession in the first half of 2015. The country's GDP declined by an annualized rate of 0.5 per cent in the April-June period, after falling by 0.8 per cent in the quarter from January-March, meaning Canada's GDP has been in decline for two straight quarters. The commonly-held definition of recession defines it as two consecutive quarters of negative GDP growth. However, that definition is not set in stone. (more)
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http://statcan.gc.ca/daily-quotidien/150901/dq150901a-eng.htm?HPA
Expressed at an annualized rate, real GDP contracted 0.5% in the second quarter and 0.8% in the first quarter. By comparison, real GDP in the United States grew 3.7% in the second quarter.
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