Canada: gross domestic product (GDP)

 

 

 

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.