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Sep 1, 2023 8:17 PM -

Economy pulled back in Q2, revises Q1 growth lower: Statistics Canada

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The Canadian economy appeared to stall in the second quarter as Statistics Canada says the economy contracted at an annualized rate of 0.2 per cent in the second quarter.

The agency also revised its reading for growth in the first quarter to an annual pace of 2.6 per cent, down from 3.1 per cent. Economists say the latest spending data showing a contraction in the economy suggests the Bank of Canada's rate hiking campaign may be coming to an end.

Statistics Canada says the economy contracted at an annualized rate of 0.2 per cent in the second quarter. The pullback in the second quarter came as housing investment fell 2.1 per cent to post its fifth consecutive quarterly decrease. New construction dropped 8.2 per cent in the quarter, while renovation spending also fell 4.3 per cent.

The report comes ahead of the Bank of Canada's interest rate decision set for next week.

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