Canadian economy grew 0.5% in 2nd quarter
The Canadian economy grew 0.5 per cent in the second quarter of this year, Statistics Canada said on Friday.
GDP rose 0.4 per cent in 1st quarter
Canada’s gross domestic product grew 0.5 per cent in the second quarter of 2024, though GDP per capita fell for the fifth consecutive quarter, Statistics Canada said on Friday.
Canadian households slowed their spending 0.2 per cent (after a 0.9 per cent rise in the first quarter), with necessities like rent, food and electricity leading the increase.
The growth was offset as people bought fewer trucks and vans, and spent less while abroad.
Government spending rose on higher wages for public employees and with an increase in hours worked across all levels of government.
Business spending on machinery increased by 6.5 per cent in Q2, particularly for aircraft and other transportation-related equipment, the data agency said.
More to come.
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