The Canadian economy shrank 0.4% in the second quarter of the year, the first contraction since the recession, as supply disruptions slammed exports.
The country’s gross domestic product registered a sharp slowdown in the April to June period after a revised 3.6% reading in the first quarter of the year, Statistics Canada said Wednesday.
The slump reflects a number of temporary factors, as wildfires in northern Alberta and maintenance shutdowns sliced oil productions and Japan’s tsunami caused supply disruptions. The manufacturing and finance sectors, the agency said.
Economists had been expecting a flat reading for the quarter and a 0.1% increase in June. The economy expanded 0.2% in June.
