OTTAWA, Aug. 29 — Canada’s real gross domestic product (GDP) grew at an annualized rate of 3.3 percent in the second quarter of this year, Statistics Canada said Friday.
Meanwhile, the national statistical agency revised the first-quarter annualized real GDP growth from a previously reported 0.1 percent contraction to a 0.3 percent gain.
The revised figures show that the Canadian economy avoided a “technical recession”, defined as two consecutive quarters of contraction, and instead demonstrated a significant recovery.
The agency noted that second-quarter growth was mainly driven by a rebound in exports and business capital investments.
According to the agency, exports jumped 3.6 percent quarter-on-quarter, recording their largest gain in over three years, with exports of passenger cars and light trucks bouncing back most notably.
In addition, household consumption and residential investment also made positive contributions to economic growth. On a monthly basis, real GDP expanded 0.3 percent in June, marking the third consecutive month of growth, with active performances across multiple sectors including services, wholesale and retail trade, and manufacturing.
However, preliminary estimates released by Statistics Canada indicate that GDP likely remained flat in July amid rising trade uncertainties, signaling a potential slowdown in economic momentum at the start of the third quarter. (Namibia Daily News / Xinhua)
