Canada economy accelerates, posts 3.3% growth in Q2

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Canada’s economy accelerated in the second quarter of 2022, benefitting from higher commodity prices after emerging from pandemic lockdowns to post annualized growth of 3.3 percent, the government statistical agency said Wednesday.

This fourth quarterly increase in gross domestic product (GDP), however, was lower than analysts expected. A dip in July also signalled a slowdown with interest rate hikes aimed at taming inflation becoming a drag on the housing sector. Quarter to quarter, the economy grew 0.8 percent. “Canadian growth numbers were nothing to sneeze at, but the latest data were still underwhelming relative to lofty expectations,” commented Desjardins analyst Royce Mendes in a research note.—AFP

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