Canada: Only G7 economy that contracted in Q2 - BBH

Research Team at BBH, suggests that this week Canada is expected to report that Q2's 1.5% contraction in GDP was the largest since the recovery began in H2 09.

Key Quotes

“It is the only G7 economy that contracted in Q2 (France and Italy were stagnant).  A few days before the GDP report (August 31), Canada will report a current account shortfall in Q2 that may match a record of C$20.2 bln in Q3 10.”