Canadian Economy Surges to 3.3% Growth in Second Quarter

Canada's economy rebounded in the second quarter, growing at an annualized 3.3% pace, according to data released by Statistics Canada on Friday.

This marked a stronger-than-expected recovery after the economy contracted slightly in the first quarter, and gave the Bank of Canada less urgency to cut interest rates.

The quarterly expansion was supported by stronger activity across the economy, particularly in industries such as oil and gas, construction, real estate, and manufacturing.