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Canada's GDP expanded by 0.9 percent

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Staff writer ▼ | May 12, 2016
Canada's GDP
Canada   Statistics Canada released final numbers for 2015

Canada's economy expanded by 0.9 per cent last year, but there were wide differences across the country.

Statistics Canada released final numbers for 2015 that showed the economy expanded in seven provinces, but shrank in Alberta, Saskatchewan and Newfoundland and Labrador.

After growing by an average of 4.4 per cent between 2012 and 2014, Alberta's economy fell off a cliff last year, shrinking by four per cent. That's almost as bad as the performance during the Great Recession of 2009, when Alberta's economy shrank by 5.3 per cent.

Alberta's oil patch managed to produce more during the year that saw drastically lower oil prices. But new investment in the sector dried up, which is why the province's economy contracted.

Saskatchewan and Newfoundland and Labrador also contracted, by 1.4 and 2.2 per cent, respectively.

On the opposite end of the spectrum, British Columbia led the way in terms of growth. The province's economy expanded by three per cent during the year, its best performance since 2006.

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