Canadian Economy Exceeds Expectations with 3.3% Growth

Canada's economy showed a strong performance in the second quarter, growing at an annualized rate of 3.3 per cent, according to Statistics Canada. This comes after the agency revised its initial GDP estimates for the first quarter from slightly negative to positive.

This revision quashes suggestions that a technical recession had hit the economy. The ArcelorMittal Dofasco steel plant in Hamilton, Ontario, was highlighted as an example of the industry's performance in this period.