Canada's economic growth rate in the second quarter was higher than expected, but the decline in per capita GDP and weakening household consumption should still prompt the Bank of Canada to cut interest rates for the third time in a row next week. Canada's GDP grew at an annual rate of 2.1% month-on-month in the second quarter, higher than the median estimate of 1.8% estimated by economists surveyed by Bloomberg, and higher than the central bank's estimate of 1.5%. The growth rate in the second quarter was higher than 1.8% in the first quarter, the fastest growth rate since the first quarter of 2023. Statistics Canada announced on Friday. Preliminary data showed that in the third quarter, the economic growth momentum stagnated, and the July data remained flat. The previous June data was also flat, below the general expectation of 0.1%. Overall, the above report shows that economic growth was steady in the first half of this year, mainly due to population growth. This could help save the country from a recession. Despite this, households are under pressure from high borrowing costs.

Canada's economic growth rate in the second quarter was higher than expected, but the decline in per capita GDP and weakening household consumption should still prompt the Bank of Canada to cut interest rates for the third time in a row next week. Canada's GDP grew at an annual rate of 2.1% month-on-month in the second quarter, higher than the median estimate of 1.8% estimated by economists surveyed by Bloomberg, and higher than the central bank's estimate of 1.5%. The growth rate in the second quarter was higher than 1.8% in the first quarter, the fastest growth rate since the first quarter of 2023. Statistics Canada announced on Friday. Preliminary data showed that in the third quarter, the economic growth momentum stagnated, and the July data remained flat. The previous June data was also flat, below the general expectation of 0.1%. Overall, the above report shows that economic growth was steady in the first half of this year, mainly due to population growth. This could help save the country from a recession. Despite this, households are under pressure from high borrowing costs.