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Canada officially in a recession

Canada’s economy recoiled for the second-straight quarter of 2015, knocking the country backwards into a technical definition of recession, Statistics Canada data reveal Tuesday.

The federal agency says real GDP contracted at an annual pace of 0.5% in the second quarter of the year, which followed a revised decline of 0.8% during the first three months of 2015.

Statistics Canada says the first-quarter performance was weaker than originally estimated, forcing the agency to lower its GDP reading for the first three months of the year from an original estimate of 0.6%.

 

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