Canada’s GDP rose 3.3% in Q2 with Q1 data changes showing bump, not dip

Economists are expecting fresh data will show growth rebounded sharply in the second quarter of the year when Statistics Canada publishes new gross domestic product figures this morning.

StatCan is set to report updated GDP results for June and the second quarter overall.

A Reuters poll of economists expects the Canadian economy expanded at an annualized rate of 3.4 per cent in the second quarter, according to LSEG Data & Analytics.

RBC economists also believe GDP will top three per cent for the second quarter as the economy bounced back from some temporary drags on growth in the previous three months.

StatCan reported back in May that real GDP declined slightly in the first quarter, fueling debates over whether a recession had hit the economy.

The agency regularly revises its data and economists will be looking for confirmation of whether or not the economy really did start the year with a mild contraction.