Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeNewsEconomyCarney says data will be 'uneven' as Canada dips into technical recessionEconomists have avoided the recession label, noting that a broader decline would have be to observedAuthor of the article:Last updated 7 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Mark Carney weighed in on the data for the first time on Tuesday, saying that some of the weakness in the economy is due to the government’s own policies. Photo by HYUNGCHEOL PARK/PostmediaCanadian economic data will be volatile as the government works on a broader transformation of the economy, Prime Minister Mark Carney said in response to last week’s gross domestic product report that showed the country tipped into a technical recession.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an Accountor“This government’s been in the process of laying the foundations for a stronger, more resilient, more independent Canadian economy,” Carney said. “As we do all that, the data is going to be uneven.”Statistics Canada reported last week that the economy shrank at an annualized rate of 0.1 per cent in the first quarter, following a one per cent contraction in the fourth quarter. Conservative Leader Pierre Poilievre has been prosecuting the government over the results, accusing Carney of overseeing the only recession in the Group of Seven.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againCarney weighed in on the data for the first time on Tuesday, saying that some of the weakness in the economy is due to the government’s own policies, including its immigration cuts and slower growth in federal spending relative to recent years.“So you have these crosscurrents as the economy is being fundamentally transformed,” Carney told reporters.United States President Donald Trump also weighed in on Monday, sharing on social media a Bloomberg story on Canada’s GDP data and writing, “51st State!”While the latest data suggests the economy is weaker than expected as U.S. tariffs continue to batter some industries, economists have avoided the recession label, noting that a broader decline would have be to observed.Bank of Canada Senior Deputy Governor Carolyn Rogers also cautioned on Monday against concluding the country is in a recession and said other economic data such as employment figures need to be taken into consideration.Dominique Lapointe, senior director of macro strategy at Manulife Investment Management, noted that while population growth has stalled, consumption actually rose in the past two quarters.Business investment in machinery and equipment has risen modestly since the third quarter, but investment in non-residential structures continues to contract, he said in an email.“At the same time, non-U.S. exports have risen but they don’t offset the decline we’ve seen in the US. It’s hard to find a sector that will propel growth in 2026 and 2027.”—With assistance from Brian Platt and Laura Dhillon Kane. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.