Canada GDP

GDP staged a strong comeback. Canada’s economy rebounded sharply in the second quarter, with growth accelerating to an annualized pace of 3.3 per cent. Goods exports, surging 21 per cent, were the primary driver of this momentum, led largely by the auto sector as vehicle production recovered. The strengthening economic performance was not limited to trade. Business investment expanded at a solid 5.3 per cent annualized pace, supported by a 23 per cent increase in machinery and equipment spending. Residential investment also rose 10 per cent, driven mainly by stronger home resale activity in Ontario, Quebec, and British Columbia. Meanwhile, household consumption increased 3.5 per cent, underpinned by a 3.3 per cent rise in household expenditures and a 3.9 per cent increase in government spending, highlighting broad-based strength across the economy.