Canada entered into what many experts would call a technical recession after it reported two consecutive quarters of contraction in economic growth. Statistics Canada said real gross domestic product fell 0.1 per cent on an annualized basis in the first three months of this year.

Canada's GDP unexpectedly contracted in the first quarter of 2026, meeting the technical definition of a recession. Read more

Canada's economy contracted 0.6% annualized in Q4 2025, making it the only G7 nation to shrink. Early 2026 data hints at a narrow recovery.