Real gross domestic product (GDP) rose 1.1% in the second quarter, following a 0.9% gain in the first quarter.
Real gross domestic product (GDP) rose 1.1% in the second quarter, following a 0.9% gain in the first quarter. The cumulative growth in the first two quarters of the year (+2.0%) was the strongest since 2002 (+2.1%). Household final consumption expenditure and exports of goods were important contributors to second quarter growth. Real gross national income, a measure of the purchasing power of productive income earned by Canadian residents, advanced a more modest 0.4% in the second quarter, constrained by worsening terms of trade. Export prices increased 0.5%, while import prices rose 2.7% in tandem with a depreciating Canadian dollar.
- Q1 +3.7%
- Q2 +4.5%
- Q4 2016 +2.7%
- Year-over-year GDP 4.3%
- June GDP +0.3% MoM vs +0.1% exp
- May GDP +0.6% (unrevised)
- Household consumption +4.6%
- Government consumption +2.5%
- Final domestic demand +0.9% q/q
- Outlays in goods +1.9%
- Durable goods +2.3%
- Investment in residential structures -1.2%
- Exports +2.3%
- Export volumes of crude +7.4%
- Imports +1.8%
- Business investment in non-residential structures +2.4%
- Business inventories +$11.5B vs +$10.5B prior
- Business investment added 0.1 pp to q/q growth
- Inventories up 7.1% in Q2 and 13.7% (annualized) in Q1
- Corporate earnings -0.1%
The next Bank of Canada interest rate announcement is Wednesday Sept 7th, 2017