On Thursday April 23, Canada's central bank said the GDP (Gross Domestic Product) likely fell 7.3 percent in the first three months of 2009, which would be the biggest contraction since comparable records began being kept in 1961.
The Bank of Canada cut its interest rate by a quarter point to 0.25 percent, and it will likely stay there through June 2010 according to the Bank.
NB While the 7.3% figure is just a projection, most Internet sources seen cited it as the actual shrinkage (something, we gather, like laundry) in 1Q Canadian GDP. Go figure...
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