Data released on Tuesday showed an unexpected contraction in GDP growth in Canada for the second quarter. According to analysts at the National Bank of Canada, growth should pick up to a reasonable rate in the third quarter due to easing commodity prices and health measures.
“The decline in Canada’s GDP in the second quarter came as a surprise, as GDP growth was shown by economic activity, including a preliminary estimate for June a month earlier, by 2.5%. This was a flat after significant improvements in previous months.” The result has been reduced to a minimum. This is the worst result among the G7 countries. It is because of the health measures that have slowed the economic recovery.”
“Canada’s nominal GDP is now up 5.1% from its pre-recession peak, making it the best result in the G7. The rise in commodity prices has contributed to this growth, and terms of trade have remained at their lowest since 2008. reached the highest level.”
“Despite disappointing initial GDP results in July, we continue to expect good economic growth in the third quarter as commodity prices hold up and health easing gives consumers an opportunity to spend after months of forced austerity. Is.”
“Supply issues in the automotive sector could hamper growth which could last until the end of the year.”
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