OTTAWA — Economists say the Bank of Canada is still on track to cut interest rates next week, despite economic growth coming in stronger than expected in the second quarter.
Statistics Canada's gross domestic product report on Friday said the economy grew at an annualized rate of 2.1 per cent in the second quarter — beating the Bank of Canada’s forecast.
Meanwhile, the economy posted declines in exports, residential construction and household spending on goods. Bank of Canada governor Tiff Macklem said at the last interest rate announcement that the central bank was cutting interest rates in part to help the economy bounce back. "When you look under the surface it really was a quite a weak print for the second quarter, and teed up a lot of weakness, we think, for the third quarter as well," said Randall Bartlett,
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