Canada’s gross domestic product (GDP) grew 3.3% in the second quarter, in annualized results, in the official reading of Statistics Canada, below the forecast of 4.4% by analysts at TD Securities.
Last month, the Bank of Canada had forecast GDP growth of 4.0% for the period.
The real estate sector has weighed heavily on the Canadian economy, in the current context of high interest rates to contain inflation. In the first quarter, the annualized advance was 3.1%, which was also lower than expected.
GDP grew 0.8% in the second quarter compared to the first. This is the fourth consecutive advance of this component, according to the country’s official statistics agency.
The survey also showed that imports grew more than exports in the second quarter.
It also pointed out that some government support programs were withdrawn in the second quarter in the country, with federal subsidies below 2020 and 2021 levels.
Source: CNN Brasil
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