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October 31, 2012
CALGARY, AB, Oct. 31,2012/ Troy Media/ - The Halloween release of the latest figures on the Gross Domestic Product (GDP) was neither trick nor treat for the Canadian economy. Rather, it was something closer to a nightmare.
The value of all goods and services produced in August contracted by 0.1 per cent from the previous month. That comes in frighteningly lower than the increase of 0.2 per cent expected by a consensus of economists. It is the first month in witch the GDP actually fell since last February.
According to Statistics Canada’s monster news release, ‘Goods production declined 0.5 per cent in August, mainly as a result of decreases in mining and oil and gas extraction and in manufacturing. Declines were also recorded in utilities and construction. The output of service industries was unchanged in August.’
The national economy is having a devil of a time gaining any traction. The problems are due largely to Europe’s zombie-like condition and the haunting prospect of the U.S. economy slipping back into recession. The lower figure may spook markets, but it is unlikely to scare the Bank of Canada because it had already lowered its overall growth forecast for the national economy.
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