Canada’s economy grows 2.1 percent In Q2, exceeds BoC expectations: StatCan

Statistics Canada says the economy grew at an annualized rate of 2.1 per cent in the second quarter, surpassing the Bank of Canada’s forecast.

 

Growth was supported by higher government spending, business investment in engineering structures as well as machinery and equipment and household spending on services.

 

Meanwhile, the economy posted declines in exports, residential construction and household spending on goods.

On a per-person basis, the agency’s gross domestic product report says the economy shrank for a fifth consecutive quarter.

 

A preliminary estimate suggests the economy remained flat in July.

 

The data comes ahead of the Bank of Canada’s interest rate decision on Wednesday.

 

 

 

This article was first reported by The Canadian Press