03:41 GMT28 February 2020
Listen Live
    Get short URL
    0 153

    Canada has slumped into a technical recession this year, following the sharp decline in global oil prices, Canada's national statistical agency stated in a report Tuesday.

    MOSCOW (Sputnik) — The Canadian economy contracted at an annualized rate of 0.5 percent in the second quarter of 2015, a report by Statistics Canada has shown.

    Global oil prices have significantly dropped compared to those seen in the summer of 2014, falling from $100 to some $45 per barrel of Brent crude, primarily as a result of worldwide oversupply.

    According to the report, the Bank of Canada failed to predict the impact the weakened oil prices would have on the country's economy.


    Canada Considers Redeploying Refugees to Boost Economic Growth: Reports
    Canada Eases Russia Sanctions to Defend Business Interests – Report
    What's Your Beef? Mexico, Canada Prepare for Trade War With US
    US Senators Urge Canada to 'Diminish Trade Barriers'
    oil prices, economy, recession, Statistics Canada, Canada
    Community standardsDiscussion
    Comment via SputnikComment via Facebook