The Canadian economy contracted for the first time in nearly two years as the trade war with the US pinched exports and business investment. Canada’s gross domestic product shrank at a 1.6% annualized pace in the second quarter, Statistics Canada reported Friday from Ottawa. That’s the biggest decline since the Covid-19 pandemic and the first contraction in nearly two years.
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That’s an annualized rate that assumes that the rest of the year with see a contraction and ignores the growth in Q1.