NO GROWTH: Canadian Economy Stagnant In February

The Canadian economy was stagnant for the month of February, with zero growth recorded according to Statistics Canada.

While finance, insurance, construction, and the real estate sectors all grew, declines in manufacturing, oil & gas, and quarrying offset areas of growth.

Current Canadian GDP stands at $1.7 trillion.

Even in months when the economy has grown, the housing bubble and heavily concentrated banking industry have seen much of the gains, while wages for the majority of Canadian workers grew at their lowest level in two decades.

We are witnessing an economy that works well for those with political connections and access to power, while the vast majority of us struggle. The increasing trade tensions with the United States – and the growing competitiveness gap between us and our neighbors to the south – create even further risks for our economy.

Without decisive change, our economy and our people face a difficult road ahead.

Spencer Fernando