Canada Is in Recession, Government Says: After...
From Times Staff and Wire Reports
Canada Is in Recession, Government Says: After seven years of robust growth, Canada’s economy has officially slipped into recession, the government said. It reported that gross domestic product, a wide measure of economic activity, fell for the second consecutive quarter--Canada’s definition of a recession. In the July-to-September period, the economy contracted at an annualized rate of 1%. In the second quarter, output declined at a 1.2% rate. Economists said the downturn is mild, however, and, barring a Persian Gulf war and further oil price increases, should end sometime next year.
