Canadian Economic Output Slumps in February
Source: Statistics Canada
Canadian economic output slumped again in February, after recovering in January from a steep decline in December. Several factors have contributed to the recent weakness in real gross domestic product (GDP).
The new Family Day holiday in Ontario shortened work hours in February for many firms. Weather also has been erratic, with record snow this winter in much of Eastern Canada and the coldest weather in years in Western Canada. Meanwhile, the US economy remained sluggish in the first quarter, as the worsening state of its housing market offset higher exports.
But mostly, growth in Canada has been restrained by large drops in auto assemblies. The recent volatility of auto production in Canada is in marked contrast …
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