Posted AT 9:35 AM EST on 29/08/08
Economy edges higher
OTTAWA, TORONTO — Canada's economy rebounded in the second quarter, as consumer spending and surging business profits helped the country avoid a recession.
Gross domestic product increased at an annual rate of 0.3 per cent in the three months that followed a first-quarter contraction of 0.8 per cent, Statistics Canada reported Friday.
The technical definition of a recession is two consecutive quarters of declining economic output.
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