\u0027It’s hard to get excited by no growth in May and 0.1 per cent in June.\u0027 Read more here
Growth stalled in May with a reading of 0.0 per cent, but beat market expectations and Statistics Canada’s earlier flash estimate for May of a month-over-month drop of 0.2 per cent. Looking ahead, the national data agency estimates the economy grew 0.1 per cent in June, putting quarterly annualized GDP on track for a 4.6 per cent reading in the second quarter, up from 3.1 per cent in the first quarter.
“It’s hard to get excited by no growth in May and 0.1 per cent in June,” Scotiabank’s Derek Holt said in a note to investors. What appears to be “slowing growth” won’t deter the Bank of Canada from pursuing its aggressive interest-rate hiking campaign, economists said, as the BoC plays catch-up with runaway inflation.Article content
Here is what the economists have to say about Friday’s growth numbers and where they think they, and future interest rate hikes, are headed.“… The May number and June flash did reinforce our view that growth momentum is slowing very quickly going into the second half of 2022. Ongoing substantial interest rate hikes by the Bank of Canada are the primary cause.
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