OTTAWA (AP) -- Canada's economy grew by a weaker-than-expected 0.3 percent in the second quarter after contracting more than initially reported in the first three months of the year, the government said FridayStatistics Canada had previously reported the economy contracted by 0.3 percent in the first quarter, but revised the decline to 0.8 percent in Friday's report. The revision shows the economy had a much worse winter than analysts thought.
The 0.3 percent expansion in the second quarter was well below the Bank of Canada's prediction of a 0.8 percent advance and means the economy essentially retreated in the first six months of 2008.
Minutes after the news about the gross domestic product was announced, Finance Minister Jim Flaherty told reporters that economic fundamentals remain strong.
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