Canada Economy Surprises with 0.8% QoQ Growth in Second Quarter

Canada's economy made a surprise comeback in the second quarter, expanding by 0.8% quarterly (QoQ) compared to the first quarter's revised 0.1%. This marks a significant acceleration from the initial estimate of 0% growth for Q1.

The annualized GDP growth rate reached 3.3% in Q2, exceeding the upwardly revised 0.3% increase in the previous quarter but falling short of market expectations of 3.4%.

On a monthly basis, GDP rose by 0.3% in June, maintaining May's pace and surpassing forecasted slowdown to 0.2%.