Alberta Wildfires Knock Canadian Economy into Reverse in May
OTTAWA: The Alberta wildfires torched the Canadian economy in May, which saw the GDP contract by 0.6 per cent — the country’s deepest one-month decline in more than seven years.
On Friday, Statistics Canada’s latest reading for real gross domestic product revealed the extent of the economic damage caused by the blaze that roared through the heart of oilsands country.
The dip in the economy was larger than expected. Economists had predicted real GDP to recoil by 0.4 per cent, according to Thomson Reuters.
The fires led to the evacuation of Fort McMurray, shut down key crude operations and have dimmed economic growth prospects for the second quarter. They also destroyed more than 2,000 structures.