Statistics Canada says the economy contracted at an annualized rate of 0.2 per cent in the second quarter.
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The decline in the second quarter came as housing investment fell 2.1 per cent to post its fifth consecutive quarterly decrease.The drop in spending came as Canadians face higher borrowing costs fuelled by interest rate hikes by the Bank of Canada, which is trying to bring inflation back to its target of two per cent.
Exports of goods and services crept up 0.1 per cent in the second quarter compared with a 2.5 per cent increase in the first quarter.
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