It looks like Peter MacKay may have jumped ship just in time. Statistics Canada data released Friday show our economy is far more "atrocious" than expected -- and the reaction from financial experts on Twitter was explosive.
You don’t have to take our word for it. Here’s how economic experts -- from economists to business reporters -- reacted to the news:
Govt spending cuts (govt current spending fell 0.2% in 1Q) now adding to the macro malaise. #Austerity is a self-inflicted, needless injury— Jim Stanford (@JimboStanford) May 29, 2015
It was the deepest Canada's real GDP plunged into negative territory since Q2 of 2009 -- when it fell by 3.6 per cent. #cdnecon— Andy Blatchford (@AndyBlatchford) May 29, 2015
Wowee wow wow, those GDP numbers are *brutal*. We're halfway to a recession!— Mike Moffatt (@MikePMoffatt) May 29, 2015
Biggest drop in biz investment since '09; exports decline for second quarter; inventories higher. Looks pretty "atrocious" from here. $CAD— Kevin Carmichael (@CarmichaelKevin) May 29, 2015
Canada 1Q GDP declined 0.6% annualized, worst performance since financial crisis. Steep decline in business investment. Incomes fell— Paul Vieira (@paulvieira) May 29, 2015
People, I'd suggest going back to the thesaurus for some synonyms for "#atrocious" just so they're ready to hand if we need them for Q2.— Don Curren (@dbcurren) May 29, 2015
Photo: Flickr. Used under a Creative Commons licence.