Canadian Economy Posts Biggest Decline Since 1991

Canada’s economy contracted at an annual pace of 3.4% in the fourth
quarter of 2008-its worst performance since 1991-due to the global recession,
according to Statistics Canada.

Canadian exports fell 4.7% for the sixth consecutive quarter, while
imports were down 6.4%. "Declines were registered for both goods
and services imports, as domestic demand faltered and prices
for imported goods and services rose," StatsCan reported.

The
Bank of Canada is expected to cut its key lending rate-currently at a
record low of 1%-by another 50 basis points in an effort to help pull
the country out of the economic downturn.

This story was originally published by Canadian Insurance Top Broker.