Canada’s economy unexpectedly shrinks as resource sector stalls

[jazz]

Falling resource production was the main culprit, with the mining and oil and gas sector down 1.6% — its sixth consecutive drop

https://business.financialpost.com/news/economy/update-1-canada-economy-unexpectedly-shrinks-in-feb-mining-and-rail-transport-weaker Canada’s economy unexpectedly shrinks as resource sector stalls

Surprise surprise grass and chuck. Turns our oil and resources are important to our economy just like we told you. Guess that green economy isn't panning out even with the carbon tax. You guys are addicted to liberal koolaid.

[SASKFARMER]

Yep he is a idiot

[Hamloc]

According to Statscan we have the lowest unemployment rate in Canada in over 40 years. Trudeau constantly brags about how good the Liberal government has been for the economy. Yet for the last 2 quarters economic growth has stalled and they are still running deficits. Something doesn't appear to add up. Now in Alberta things aren't quite as rosy. Calgary has the highest unemployment rate of any major city in Canada. Oil investment has fled to more profitable jurisdictions. Maybe oil is more important than all the naysayers on the left let on. Well duh!!!!!!!

[jazz]

According to Statscan we have the lowest unemployment rate in Canada in over 40 years. Trudeau constantly brags about how good the Liberal government has been for the economy.

The unemployment rate is an illusion. 10:1 govtrivate jobs have been created federally and provincially and all funded off debt. Plus our new immigrants are working the hotels and cleaning services and take out windows so not much wealth being created off low skill work.

https://www.ctvnews.ca/politics/deficit-for-last-year-to-be-800-million-more-than-liberals-predict-pbo-says-1.4401770 Deficit for last year to be $800 million more than Liberals predict, PBO says

OTTAWA -- Parliament's spending watchdog says last year's federal deficit was $800 million more than the Liberals said it was in their most recent budget.
In a new report, the parliamentary budget office says the deficit for the 2018-2019 fiscal year, which ended in March, will end up at $15.7 billion because of lower-than-expected revenues.
This year and the following three, the PBO predicts deficits will be on average $700 million higher than the Liberals outlined in the budget tabled last month.

[grassfarmer]

The link provided some interesting reading and you had to dig pretty hard to find the bad news in it.

GDP fell 0.1% in February after gaining 0.3 in January - so we are still up since the start of the year.

More interesting was the further link contained within the article wondering what's happened to the deficit. Feds are running a $3.1 billion surplus with one month remaining of the financial year. The projection for the year was a $14.9 billion deficit. Revenues were up 8.5%, program costs were up only 4.8%. Hardly the disaster some of you are trying to portray.

[Guest]

Yea it all looks great , never looked better

[jazz]

The link provided some interesting reading and you had to dig pretty hard to find the bad news in it.

It contracted several months at the end of 2018 as well. January likely the after effects from xmas. Points to an economy on track for GDP well under inflation. In other words technical recession.

[hobbyfrmr]

“Unexpectedly shrinks”!
Seriously?
Sabotage the energy industry...the backbone to Canada’s economy for 75 years and expect growth?
Agriculture does not mean anything to anybody in Canada, but a few ancillary industries might feel a little discomfort next spring.

[jazz]

Population of Canada - 36.3 million
Population of Texas - 27.6 million
Canada 2018 GDP - 1.651 trillion US
Texas 2018 GDP - 1.639 trillion US

[sumdumguy]

How can the Canadian economy shrink when Oprah Winfrey is going to grace Calgary with her highness on June 19? Hope Notley, the 🦖 sticks around so Oprah can see what a real dinosaur looks like.

[chuckChuck]

Oil dependent economies around the world have seen revenues fall in the last few years. Alberta is certainly in troubled times and it is hell for those who lost high paying jobs. But the biggest part of the price drop in oil occurred because of market fundamentals that are not set in Canada. The US is now the largest producer of oil in the world. High prices and new technology attracted investment and increased production in more profitable oil producing regions than the tar sands. I don't know why people expected the unsustainable rapid growth in oil production in Alberta to last for decades? Experience should have shown that high price periods don't last forever.

Even Saudia Arabia is planning to diversify its economy away from oil:

https://www.theguardian.com/world/2016/apr/25/saudi-arabia-approves-ambitious-plan-to-move-economy-beyond-oil
Saudi Arabia approves ambitious plan to move economy beyond oil
15-year plan includes diversification, privatisation of state assets, tax increases and creating a $2tn sovereign wealth fund

https://www.forbes.com/sites/ellenrwald/2018/07/25/signs-point-to-trouble-ahead-for-saudi-economy/#7f80553a635d

[jazz]

These posts from chuck really get me triggered. Canada is not Saudi arabia. They have one commodity, oil. Our country is already diversified from coast to coast. The oil industry isn't talking about turning the entire country into a petro state. We have a good quality resource that's 10-12% of the GDP and it should stay there and even incrementally increase if we can do it sustainably. Stop talking like its all oil here. The resource just happens to be in 2 provinces. That doesn't make the country undiversified. And equalization is the program to make sure that doesn't happen. I don't see Quebec diversifying away from their industries.

[Guest]

gas in seattle is $1.22/liter cad , gas in hongcouver is $1.62 cad liter, thats $1.72 /imp gal govt is taking
that'll get the economy humming
trump bad

[Guest]

These posts from chuck really get me triggered. Canada is not Saudi arabia. They have one commodity, oil. Our country is already diversified from coast to coast. The oil industry isn't talking about turning the entire country into a petro state. We have a good quality resource that's 10-12% of the GDP and it should stay there and even incrementally increase if we can do it sustainably. Stop talking like its all oil here. The resource just happens to be in 2 provinces. That doesn't make the country undiversified. And equalization is the program to make sure that doesn't happen. I don't see Quebec diversifying away from their industries.

you will have better luck sticking your head between your legs and kissing your own arse than arguing with the likes of that lol