Statistics Canada released GDP (gross domestic product) data on Friday. Canada's GDP decreased 0.1% in the first quarter, after a 0.6% gain in the fourth quarter.

It was the first negative reading since the second quarter of 2011.

The fall was driven by declines in many sectors, including mining, oil and gas extraction, construction, wholesale trade and manufacturing.

Household spending increased 0.1% in the first quarter, the slowest rise since the second quarter of 2012. Spending on durable goods dropped -1.4%, spending on semi-durable goods rose 0.3%, while spending on non-durable goods was up 0.7%.

Spending on services gained 0.1%.

Exports of goods and services decreased 0.3%, while Imports of goods and services declined 0.4%.

On a yearly basis, Canada's GDP dropped 0.6% in the first quarter, missing expectations for a 0.3% gain, after a 2.2% rise in the fourth quarter. The fourth quarter's figure was revised down from a 2.4% increase.