Canada’s real gross domestic product unexpectedly contracted slightly in the first quarter of 2026, marking the second consecutive quarterly decline and meeting the technical definition of a recession.
The results came as a surprise: Preliminary estimates in April had suggested the economy grew to start the year, but data released Friday by Statistics Canada showed an increase in imports — up 2.9 per cent in the first quarter, mainly driven by gold imports — dragged real GDP growth into negative territory on an annualized basis.
StatCan officials did not comment on whether the economy is experiencing a recession, defined as two consecutive quarters of negative growth.
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