Canada's Economy Roars Back in Q2, Exceeds Expectations

The Canadian economy bounced back strongly in the second quarter after growth stalled over the winter. The country's real GDP showed a solid pace of recovery, exceeding expectations across the board.

In May, the economy grew by 0.3%, and this was followed by an early estimate of another 0.2% increase in June. This positive trend continued into Q2, with an estimated growth rate of 0.8% or about 3.3% at an annual rate.

This is a rare occurrence where the report consistently exceeded consensus. The preliminary estimate for Q2 also surpassed the Bank of Canada's latest projection of 2.5%, and even topped yesterday's 1.5% estimate for US GDP last quarter.