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Canada GDP fell 1.6% in second quarter

AFP
The 1.6% fall in Canada's annualized GDP rate was its largest decline in quarterly GDP in seven years, but was only slightly more than analysts had forecast

Canada's gross domestic product fell at an annualized rate of 1.6 percent in the second quarter amid continued oil sector weakness and wildfires, the government's statistics agency said Wednesday.

It was the largest decline in quarterly GDP in seven years, but was only slightly more than analysts had forecast.

Statistics Canada pointed to a large drop in oil production caused by May wildfires in the heart of the Alberta oil sands region.

Exports were also down from April to June.

Household expenditures, meanwhile, continued to rise in the quarter. Government outlays also increased for a sixth consecutive quarter.

But business investment edged down.

On a quarterly basis, real gross domestic decreased 0.4 percent in the second quarter, after increasing 0.6 percent in the first quarter.