Data on Canadian GDP Q2 2019 Released

Statistics Canada released data for the second quarter gross domestic product August 30. Seasonally adjusted at annual rates and in 2012 dollars, the economy showed a surprising growth rate of 3.7%, helped by a 13.4% annualized increase in exports. For comparison, the US economy showed only a 2% growth in the same period. Business investment (non-residential structures, machinery and equipment) was down by an annualized 16.2% in the quarter, driven by a decline in machinery and equipment investment and engineering construction; investment in non-residential structures continued to grow, but the pace slowed compared to the first quarter. The growth rate for consumer spending slowed to an annualized 0.5% for the quarter, compared to 0.7% for the first quarter, in spite of a 1.7% annualized growth in employment income. A full analysis is available on the Stats Can website.