About the C.D. Howe Institute

The C.D. Howe Institute is an independent not-for-profit research institute whose mission is to raise living standards by fostering economically sound public policies. Widely considered to be Canada's most influential think tank, the Institute is a trusted source of essential policy intelligence, distinguished by research that is nonpartisan, evidence-based and subject to definitive expert review.

Get the App

Evidence Mounts that 2015 Downturn was no Recession

Share

-A A +A

Report of the C.D. Howe Institute Business Cycle Council

December 21, 2016 - It is not possible to call the first two quarters of 2015 a recession. This is the consensus view of the C.D. Howe Institute’s Business Cycle Council, which met on December 13, 2016.

The C.D. Howe Institute Business Cycle Council, chaired by Steve Ambler, is an arbiter of business cycle dates in Canada.  The Council meets on an annual basis, or as warranted when economic conditions indicate the possibility of entry to, or exit from, a recession. The Council also acts as a conduit for research aimed at deepening understanding of how the economy evolves and to provide relevant information to decision makers.

The Council reviewed its assessments of Canadian business cycle dates following the most recent revisions to Gross Domestic Product (GDP) data. The Council determined that it is not possible to call the first two quarters of 2015 a recession.  While GDP contracted in both Q1 and Q2 2015, the downturn was restricted to only a few industries, and national employment expanded over this period.

Connect with Us

© 2014 C.D. Howe Institute. All Rights Reserved.

Connect with Us

© 2014 C.D. Howe Institute. All Rights Reserved.