There's a silver lining for the oil and gas industry in the clouds of a recession that hangs over Canada. The Bank of Canada announced in July that the country's real gross domestic product (GDP) is estimated to have contracted in the first half of 2015. That would be the first time Canada's GDP has declined for two consecutive quarters since the economic crisis of 2008. Official confirmation of a recession will be made sometime in September. While low oil prices are driving the economic decline, the Bank of Canada noted with some surprise that non-energy goods exports are also falling.
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