Dire economic data undermine Liberal promises of growth, Conservatives say
StatsCan reports real GDP fell at an annualized rate of 1.6% in Q2.
gross domestic product
OTTAWA — The Opposition Conservatives are citing the latest dreary GDP figures as evidence that the Liberal government can’t deliver on its rosy economy promises.
Statistics Canada says the economy shrank in the second quarter, recording its worst performance in seven years.
The agency says real gross domestic product fell at an annualized rate of 1.6% in the quarter, due largely to the wildfires that levelled parts of Fort McMurray, Alta.
It’s harsh news for a government that campaigned on growing the economy with deficit spending and boosting the middle class.
Phil McColeman, Conservative deputy finance critic, says the Liberal prescription isn’t working.
McColeman says that instead of growth, families are facing higher taxes, fewer jobs and a shrinking economy.