Canada's economy expanded in June but declined by 0.1% for the second quarter as a whole, meeting the bar of what is legally defined as a recession.
The economy expanded by 0.5% in June, Statistics Canada said.
But that slight monthly uptick wasn't enough to offset the contraction in the previous two months, which means for the second quarter as a whole, the economy shrank.
The nation's number crunchers add our economy also shrank in the first quarter, which means Canada's economy has met the bare minimum required before a recession is declared — two consecutive quarters of decline.
On an annualized basis, the economy shrank by 0.5% in the April-to-June period, after contracting at an 0.8% annual pace in the first three months of the year. For comparison purposes, the U.S. economy expanded by 3.7% during the same period, the data agency noted.
