Fall of Prosperity Indicator ‘Unprecedented Outside a Recession,’ Says National Bank

A National Bank sign is seen in Montreal on May 30, 2016. The Canadian Press/Paul Chiasson

A key indicator to measure living standards has dropped for the fifth consecutive quarter in Canada, with the latest reading being called “unprecedented outside a recession” by the National Bank.

The bank’s Monthly Economic Monitor for December and January says that GDP per capita recorded an annualized contraction of 4.4 percent in the third quarter.