Ottawa — Globe and Mail Update Last updated on Tuesday, Jun. 30, 2009 11:57AM EDT
Canada's economy contracted for the ninth month in a row in April, and the declines likely persisted throughout the second quarter of the year, economists say.
Declines in manufacturing, energy and retailing meant real gross domestic product sank 0.1 per cent in April from a month earlier – the 13th decline in the past 17 months.
“I was a bit surprised by the breadth of it all,” said Derek Holt, senior vice-president of economics at Scotia Capital Inc. “This isn't just an auto-related issue.”
Production of motor vehicles and parts actually added to Canada's output in April, as some plants that had been shut down earlier in the year came back to life. But the rebound won't persist into May and June, because General Motors and Chrysler both scaled back production considerably in those months, said Krishen Rangasamy, an economist with CIBC World Markets.
“While the pace of economic contraction is slowing, we're not out of the woods just yet,” he said. “With auto plant shutdowns and the strong currency causing lots of damage in May and June, expect GDP weakness to persist through the second quarter.”
und so weiter - silberstreifen werden gesehen - aber ...