Canadian economy grows 2.1% in second quarter

2 weeks ago 17

Author of the article:

Published Aug 30, 2024 • < 1 minute read

Statistics Canada is set to release its gross domestic product report for the second quarter this morning. Commuters walk downtown near Union Station, in Toronto, Thursday, Aug. 22, 2024.

OTTAWA — 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.

Advertisement 2

THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY

Subscribe now to read the latest news in your city and across Canada.

Unlimited online access to articles from across Canada with one account.
Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on.
Enjoy insights and behind-the-scenes analysis from our award-winning journalists.
Support local journalists and the next generation of journalists.
Daily puzzles including the New York Times Crossword.

SUBSCRIBE TO UNLOCK MORE ARTICLES

Subscribe now to read the latest news in your city and across Canada.

Unlimited online access to articles from across Canada with one account.
Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on.
Enjoy insights and behind-the-scenes analysis from our award-winning journalists.
Support local journalists and the next generation of journalists.
Daily puzzles including the New York Times Crossword.

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account.
Share your thoughts and join the conversation in the comments.
Enjoy additional articles per month.
Get email updates from your favourite authors.

Article content

*** Disclaimer: This Article is auto-aggregated by a Rss Api Program and has not been created or edited by Bdtype.

(Note: This is an unedited and auto-generated story from Syndicated News Rss Api. News.bdtype.com Staff may not have modified or edited the content body.

Please visit the Source Website that deserves the credit and responsibility for creating this content.)

Watch Live | Source Article