Canada's economy appears to be slowing down: RBC Economics
BNN Bloomberg
A long-anticipated economic slowdown in Canada could be underway, according to a new report.
RBC Economics released a report Wednesday indicating that Canada’s economy faces various headwinds in the form of elevated interest rates and a slowing global economy. The report noted that gross domestic product (GDP) moved 0.2 per cent lower in the second quarter of the year and early indications highlight the potential for another decline in the third quarter.
The report found indications that a “long expected ‘mild’ economic downturn may have already begun.”
“Indeed, economic growth already looks dramatically softer in the context of a surging population. On a per-person basis, Canadian GDP has now declined for four straight quarters,” the report said.
