The second-quarter reading was far lower than the Bank of Canada’s (BoC’s) forecast for a 1.5% annualized GDP growth as well as the 1.2% gain expected by analysts
The quarterly slowdown was largely due to declines in housing investment, smaller inventory accumulation, as well as slower international exports and household spending, Statistics Canada said.
Statscan downwardly revised May GDP growth to a 0.2% increase from an initial report of 0.3% growth. First-quarter annualized growth rate was also downwardly revised to 2.6% from 3.1%. The central bank hiked its benchmark overnight rate to a 22-year-high of 5.0% in July, the 10th increase since March of last year. Last year inflation hit a four-decade high of 8.1%, four times the central bank’s 2% target.
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