This graph shows GDP growth year by year since 1980. As illustrated, there are three substantial dips.
The first period of recession is in 1982, when growth plunged to -2.86 per cent.
Recession was seen again in 1991, when it stood at -2.09. The poor state of the economy led to huge government deficits and high unemployment. Following another economic slump in 1995-6, the Canadian economy has been on the up, in step with the boom in the US. Once regarded as a fiscal basket-case, Canada became a model of stability – until the 2008 crash.
This is where the third dip is visible, with GDP plummeting to -2.46 per cent in 2009. However, Canada has recovered far better than its neighbour, the US, partly because tighter regulation meant its banks were more conservative than their American counterparts.