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.