Canadian economy avoids contraction as GDP holds steady
, and is expected to continue hiking by at least another half-percentage point at its next policy decision in September.Article content
The second-quarter growth number was even stronger than the four per cent annualized pace estimated by the central bank earlier this month, and represents an acceleration from growth of 3.1 per cent in the first quarter. “The Bank of Canada is still on course to deliver another non-standard rate hike at its next meeting,” Andrew Grantham, an economist at Canadian Imperial Bank of Commerce, said in a report to investors.
The Canadian dollar was little changed on the report, down 0.2 per cent to $1.2838 per U.S. dollar at 8:51 a.m. in Toronto trading. Yields on Canadian government two-year bonds rose about four basis points to 2.97 per cent. While the global economy has been hit hard by rising energy costs, Canada’s resource-based economy has been benefiting from elevated oil, grain and gas prices. The strong first half pace also reflects reopening effects earlier this year, after strict COVID-related lockdowns last winter.Article content
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