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Canada Q2 GDP Annualized Above BoC Forecast

CANADA DATA
  • Statistics Canada said GDP by industry +2.2% annualized in the second quarter as the flash figure for June +0.1%, putting QoQ growth at +0.5%. 
  • The BoC forecast Q2 growth by income and expenditure to be +1.5% annualized. The Bank said there is room for expansion without creating inflationary pressures, and Governor Macklem said growth needs to pick up. 
  • The flash June increase was led by construction and finance; GDP has not decreased since Dec 2023. 
  • GDP increased a tick above consensus in May, expanding +0.2% vs +0.1% expected. The increase was led by manufacturing and the public sector while retail and wholesale trade declined. 
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