Our government has signed 3 major trade deals, making Canada the only G7 country to have a trade agreement with every other G7 country. At home that means a strong economy, more jobs, and a growing GDP.
OTTAWA – The economy blew past projections by expanding at an annualized pace of 3.7 per cent in the second quarter, giving Canada its strongest three-month stretch of growth in two years.
Canada's economy surprises with 3.7% growth in Q2, its strongest since 2017.
The economy expanded at an annualized pace of 3.7 per cent in the second quarter — thanks in large part to a 3.7 per cent rebound in goods exports and a one per cent drop in import volumes.
For many analysts, Canada’s trade-driven boost was likely a temporary factor, particularly at a time of weakening global economic conditions.
“That clearly is not sustainable going forward, even without considering growing external headwinds from the U.S.-China trade war, Brexit uncertainty, headwinds from slower global growth,” said Nathan Janzen, senior economist for RBC Economics Research.
“But, I think, on balance you can still say that the economy looks like it was doing OK over the first half of the year.”
Overall, the reading showed a solid turnaround for an economy coming off its weakest back-to-back quarters of growth since 2015. It also marked Canada’s fastest pace of growth since a 4.4 per cent reading in the second quarter of 2017.