Canada GDP shrinks in Q2 but June marks turnaround

Mon Aug 31, 2009 8:34am EDT
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(Reuters) - Canada's economy shrank at an annual rate of 3.4 percent in the second quarter, a slightly sharper contraction than expected following a 6.1 percent downturn in the first quarter, Statistics Canada said on Monday.

The economy eked out a 0.1 percent monthly gain in June compared with May, marking the first tentative sign of economic recovery.

Following are seasonally adjusted figures for gross domestic product, in percent. With the exception of the price index data, they are also adjusted for inflation.

Q2 Q1 Q4 Annualized change -3.4 -6.1 -3.7 Change from previous quarter -0.9 -1.6 -0.9 Year-over-year change -3.2 -2.3 -1.0 Quarterly change in GDP implicit price index +0.3 -1.6 -2.9

(Note: The Q1 annualized figure was revised from -5.4 percent)

(Reporting by Louise Egan)

<p>A worker prepares to install a battery into a Ford Flex on the assembly line at the company's Oakville Plant in this June 3, 2008 file photo. REUTERS/Fred Thornhill</p>