Monday, March 2, 2009

Economy; Just Read About this in my Text Book, so serious!

Canada's economy shrank at an annual pace of 3.4% in the fourth quarter of 2008, Statistic Canada reported Monday, as the global slowdown pulled the country into its worst downturn since the early 1990s.

The federal agency also said gross domestic product fell 1% in December from the previous month.

The contraction between October and December was the first quarterly decline since Canada's last recession in 1991-92.

Meanwhile, the agency revised its third-quarter GDP growth to 0.9% from 1.3%. For all of 2008, the economy grew 0.5% from 2.7% the previous year.

Read more via: National



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