Monday June 1, 03:24 PM
Canada GDP falls 5.4% in first quarter
OTTAWA (AFP) - Canada's economic growth fell 5.4 percent in the first quarter of 2009 in its worst results since 1991, official statistics showed Monday.
The figures provided by Statistics Canada showed the economy of the G8 nation had plunged into recession in the first three months of the year, even though the GDP fall was less than the 6.7 percent which analysts had feared.
"Lower spending in Canada and the United States, particularly business investment in plant and equipment, led to a sharp decline in Canada's exports and imports," Statistics Canada said on its website.
"Business investment in Canada fell at the fastest rate since 1982."
In the United States, Canada's southern neighbor and major trading partner, the economy contracted 5.7 percent in the first quarter, the statement added.
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