Canada's Economy Rebounds from Recession

Canada's economy has shown signs of recovery from its technical recession in Q1, growing by an annualized rate of 3.3 per cent in Q2, according to a report released by Statistics Canada.

The growth was driven by exports, household spending, and business capital investment, with exports increasing 3.6 per cent, the largest increase since Q1 2023. Passenger car and light truck exports grew by 27 per cent in Q2.

Business capital investment also rose, with investment in engineering structures increasing 2.3 per cent after two consecutive quarters of decline. Investment in computers and computer peripherals rose 16.7 per cent due to the import of chips for data center construction.