How is Canada’s economy faring? Statistics Canada to share June, Q2 GDP data – National

Statistics Canada will release its latest reading on how the overall economy is faring this morning.

The agency is expected to release its figures for gross domestic product for June and for the second quarter as a whole.

An early estimate by Statistics Canada pointed to a contraction of 0.2 per cent in real GDP for June, while growth in the second quarter was estimated at an annualized rate of one per cent.

1:57
‘Richcession’ explained — will it save the economy from a full-blown downturn?

Advertisement

The decrease in June was attributed to the wholesale trade and manufacturing sectors, though the agency cautioned the numbers were preliminary and said they would be updated.

The economic report comes ahead of the Bank of Canada’s interest rate decision set for next week.

The central bank raised its key interest rate target by a quarter of a percentage point to five per cent in July as it said it remained concerned that progress toward its two per cent inflation target could stall.