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Canada's GDP takes a slight hit

Published by Steve Coleman on August 31, 2011

Fewer exports helped push Canada's gross domestic product into negative territory in the second quarter of 2011.

Real GDP for the quarter fell 0.1 per cent, according to Statistics Canada figures.

The country's export sector declined 2.1 per cent from April to June after six months of growth.

The biggest loser for the quarter was the energy sector, which took a 6.7 per cent hit.

While consumers spent 0.4 per cent less on goods and services, they made up for it by spending the money they saved on durable goods. The percentage increase was the same as the drop in goods and services.

News wasn't all bad for the quarter, however. While manufacturers produced 0.8 per cent fewer goods, they spent 3.7 per cent more on investments in their plants and new equipment.

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