Canadian Economy Returns to Growth with 3.3% Annualized Expansion

Canada's economy has finally returned to growth after contracting for two consecutive quarters. According to Statistics Canada, real gross domestic product (GDP) increased by 0.8% in the second quarter of the year.

This represents a significant turnaround from the previous quarter, and it's the first expansion of the Canadian economy in three quarters.

The growth was driven largely by exports, which rose 3.6%, the largest increase since the first quarter of 2023. Passenger cars and light trucks, metals, and energy products such as oil and natural gas saw significant increases in shipments.