Is Canada in a technical recession? StatCan to release latest GDP data – National Wa Jobz

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Statistics Canada is set to release its gross domestic product reading for the third quarter Thursday morning.

The federal agency’s preliminary estimate suggested the economy shrank 0.1 per cent.

A decline in real GDP would mark the second consecutive quarterly contraction, meeting the definition of a technical recession.

However, economists tend to have a higher bar for calling a recession as they look for signs of a broader slowdown.


Click to play video: 'Canada’s economy flat in July, signs of growth in August: StatCan'

Canada’s economy flat in July, signs of growth in August: StatCan

 


The softening economy comes as high interest rates put a damper on business and consumer spending.

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Forecasters anticipate that slowdown to continue into next year, likely leading to a rise in unemployment as well.

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