- It's the first quarterly contraction in Canada's economy in four years, and the largest decline since the 2009 recession. Economists had forecast an expansion of 0.3%.
- Alongside this weak print, Q4's 2.4% expansion was revised down to 2.2%.
- Behind Q1's disappointing number is a 9.7% plunge in business gross fixed capital formation as companies reacted to the crash in oil prices. Support activities for mining and oil/gas extraction fell 30%.
- The loonie (NYSEARCA:FXC) sinks 0.5% on the news, now buying just eight-tenths of an American dollar.
- ETFs: EWC, CNDA, EWCS, QCAN, FCAN