Canadian economy unexpectedly shrank in 2nd quarter

Canadian recovery hit the wall in the second quarter, raising new questions about resilience of the economy.

As per Statistics Canada latest report, GDP suddenly dropped

in spring-summer by 1.1%. Economists expected growth of 2.5%. Moreover, early July prediction shows drop by 0.4% as well.

Worse than expected results will impact 2021 outlook and Bank of Canada decision on the next meeting scheduled for September 8.