[LINK] "anada's GDP shrank at 0.6% pace in 1st quarter, Statistics Canada says"

[rfmcdonald]

CBC reports on Canada's economic woes.

Canada's economy shrank by 0.1 per cent in the first three months of 2015, as the economic impact of oil's gloom spread to other sectors.

It's the first time the economy has contracted on a quarterly basis since 2011.

Statistics Canada said Friday that many sectors, including mining, quarrying, and oil and gas extraction, construction, wholesale trade and manufacturing were in negative territory for the three months between January and March.

There was growth in finance and insurance, utilities, as well as the agriculture and forestry sectors, but not enough to offset weakness everywhere else.

Expressed as an annualized rate, GDP contracted 0.6 per cent in the first quarter.