In contrast to the first quarter when the Canadian economy grew by an annual rate of 2.5 percent the second quarter turned in a dismal performance with a decline of 1.6 percent at an annualized rate.
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|This is the worst performance of the Canadian economy in the last seven years according to Statistics Canada. The decline was in large part due to the wildfires in northern Alberta that burned parts of Fort McMurray. The second quarter of 2009 when Canada was in the midst of the global financial crisis was the last time the economy saw such a large drop. However, economists had predicted a drop of around 1.5 percent, not too far off the actual result.|