Growth continues to slow, and some months are now showing outright GDP declines.
As fears continue to grow of a possible impending recession in Canada, more bad economic news has arrived.
Canada’s GDP fell 0.1% in October, which followed growth of 0.1% in September.
A key driver of the fall in GDP was a decline in the manufacturing sector of 1.4%.
Notably, BNN Bloomberg points out that Canada appears likely to miss the Bank of Canada’s GDP projections:
“Although the slowdown was expected following disappointing reports for the month across wholesale, factory and retail sales, October’s GDP result will make it harder for the Canadian economy to reach the Bank of Canada’s 4Q forecast of 1.3 per cent annualized”
Canada’s GDP growth has been weakening for months, which has contributed to growing perceptions that our country is nearing a recession.
Survey’s show the majority of Canadians expect an impending recession, and more and more experts are sounding the alarm.
With household debt piling up, wage growth weak, and the cost of living continuing to spiral out of control, Canada’s economy is facing serious problems.
Making the situation even worse is how clueless the Trudeau Liberals are about it, with Trudeau delusionally claiming that his policies are ‘working,’ and while Morneau pathetically attempts to blame the Conservatives for talking about a recession, while ignoring the fact that failed Liberal policies are making a recession much more likely.
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