# Canada GDP Shrinks, Scotiabank Expands

**Published:** 2026-05-29T21:30:32.000Z  
**Topic:** Gdp  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/1f76b7a5-accb-454e-8bb9-52b65268fff4

Canada's economy contracted amid tariff impacts, Scotiabank acquired a Texas bank, and Costco plans tariff refunds for members.

Canada’s economy is showing signs of strain, with reports indicating a contraction in GDP that met the technical definition of a recession in one period while highlighting domestic resilience in another, largely due to the impact of U.S. tariffs [1, 2]. Amid these economic fluctuations, Bank of Nova Scotia has moved to expand its operations in the United States through a major acquisition [1]. Additionally, Costco Wholesale Corp. announced plans to pass potential tariff savings directly to consumers [1].

**Key takeaways

## Sources
1. Newsquantified — [News of the day: Canada's shrinking economy, a technical recession ...](https://www.newsquantified.com/stock-report-iframe/costco-wholesale-corporation-news-day-canadas-shrinking-economy-0g2vdm)
2. Economictimes — [Canada Q2 economy decline tariffs impact: Canada Q2 growth shrinks for ...](https://economictimes.indiatimes.com/news/international/canada/canada-second-quarter-growth-turns-negative-as-u-s-tariffs-hit-are-household-spending-and-housing-signs-of-relief/articleshow/123586507.cms)

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Cite as: TrendWatcher, "Canada GDP Shrinks, Scotiabank Expands", https://www.trendwatcher.in/article/1f76b7a5-accb-454e-8bb9-52b65268fff4