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Thursday, April 29, 2010

Canadian Mortgage Broker News - GDP Declines across Canada in 2009

Canadian Mortgage Broker News - GDP Declines across Canada in 2009


GDP Declines across Canada in 2009

| Thursday, 29 April 2010



Canada's GDP declined by 2.9 per cent nationally in 2009 after an increase of 0.6 per cent in 2008 according to a Statistics Canada report.


While the economy shrank in almost every Canadian province and territory last year, the only exceptions were in Prince Edward Island and the Yukon Territory.


Ontario, Alberta and British Columbia - three of the country's four biggest provincial economies - fell by more than the national average. Quebec's shrank by a relatively modest 1.0 per cent.


The figures comes days before Statistics Canada releases its GDP numbers for February of this year and nearly two months after it reported the national economy grew in the fourth quarter of 2009 at an annual rate of 5 per cent.


The growth in the final months of 2009 did not completely offset earlier declines when Canada was feeling the impact of a global recession which resulted in driving down the demand for exports and hurt domestic confidence.