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Canada’s GDP up 2.1% in 2nd quarter

Canada’s economic growth was stronger than many expected in the second quarter.

Stats Canada says gross domestic product grew at an annualized rate of 2.1 per cent.

On a per capita basis, GDP fell 0.1 per cent — the fifth consecutive quarterly decline.

Officials said government spending was up in the second quarter due to higher employee wages.

There was also higher business investment in machinery, equipment and engineering structures.

Growth in household spending slowed to 0.2 per cent, with rent, food and electricity leading the increase.

Meanwhile, declines in exports and residential construction moderated economic growth in the second quarter.

In the month of June, GDP was essentially unchanged following a 0.1 per cent increase in May.

Goods-producing industries saw its largest decrease since December as declines in manufacturing and construction were partially offset by increases in utilities and agriculture.

On the flipside, services-producing industries increased for the third consecutive month.

  • Brad Perry is an award-winning news anchor and reporter and a 2013 graduate of the NBCC journalism program. Based in New Brunswick, he is also the assistant national news director for Acadia Broadcasting. Contact Brad at perry.brad@radioabl.ca.

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