Canada's economy just had its worst quarter since the financial crisis

Canada’s economy just had its worst quarter since the financial crisis.

Real GDP fell by 0.4% in the second quarter, after rising by 0.6% in the first, according to the latest data from Statistics Canada.

The report notes that this is the largest decline in quarterly GDP since the second quarter of 2009.

Meanwhile, the annualized quarter-over-quarter GDP fell by 1.6%, below expectations of a 1.5% drop.

On the positive side, the economy grew by 0.6% month-over-month in June, above economists’ expectations of a 0.4% increase.

The Canadian dollar is weaker by 0.2% at 1.3123 per dollar as of 8:41 a.m. ET.

NOW WATCH: Paul Krugman weighs in on the Apple tax debate

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at