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.
