The jump in Canada's GDP was higher than the 2.7 per cent economists had expected and followed sagging first-quarter growth
OTTAWA—The economy soared in the second quarter, accelerating to an annualized pace of 3.1 per cent.
The jump in Canada’s gross domestic product was higher than the 2.7 per cent economists had expected and followed sagging growth in the first quarter, which marked the economy’s worst performance in more than a year.
Statistics Canada says real GDP was up by 0.8 per cent during the quarter ending June 30, up from a 0.2 per cent increase in the first three months period of the year.
On a monthly basis, the economy grew in June by 0.3 per cent.
The agency says the growth was mainly the result of higher household spending.
Statistics Canada said economic activity increased in all sectors except non-profit institutions serving households.
In the United States, annualized GDP grew by 4.2 per cent in the second quarter after contracting by 1.0 per cent in the first quarter.