Canadian GDP growth strongest since 2017
- September 2, 2019
Statistics Canada figures show that the Canadian economy grew at an annualized rate of 3.7 per cent in the second quarter of 2019.
It was the fastest growth since the 4.4 per cent rise that was recorded in the second quarter of 2017.
Real gross domestic product grew 0.9 per cent in the quarter, well ahead of the 0.1 per cent rise in each of the previous two quarters. The second quarter result was a surprise to analysts following the poor figures from the previous two quarters – the lowest GDP growth in back-to-back quarters since 2015.
One of the quarter’s primary drivers was a strong, broad-based rebound in goods exports, reports Huffington Post. That growth was led by energy products, farming and fishing products, non-metallic minerals and aircraft products. A one per cent drop in import volumes also helped; they had increased 2.1 per cent in the previous quarter, helping to dim that quarter’s growth to a weak 0.5 per cent.
Economists had expected growth of around three per cent (annualized) for the quarter. The more modest growth was expected following a drastic deceleration in the first quarter, largely thanks to decreased oil prices.