Statistics Canada is set to release its gross domestic product report for the second quarter this morning. Commuters walk downtown near Union Station, in Toronto, Thursday, Aug. 22, 2024. THE CANADIAN PRESS/Paige Taylor White
OTTAWA – Statistics Canada says the economy grew at an annualized rate of 2.1 per cent in the second quarter, surpassing the Bank of Canada’s forecast.
Growth was supported by higher government spending, business investment in engineering structures as well as machinery and equipment and household spending on services.
Meanwhile, the economy posted declines in exports, residential construction and household spending on goods.
On a per-person basis, the agency’s gross domestic product report says the economy shrank for a fifth consecutive quarter.
A preliminary estimate suggests the economy remained flat in July.
The data comes ahead of the Bank of Canada’s interest rate decision on Wednesday.
This report by The Canadian Press was first published Aug. 30, 2024.
