According to data from Statistics Canada, the country's economy unexpectedly shrank 1.1 in the second quarter on an annualized basis and most likely contracted 0.4 in July after increasing by 0.7 in June. It was the first time the economy had shrunk since Covid-19-induced shutdowns in 2Q2020. According to a Reuter's article, analysts surveyed had expected secondquarter annualized growth of 2.5 and a gain of 0.7 in June. Statscan blamed the secondquarter drop on substantial declines in home resale activities and exports.
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