Canada’s economy grew by a greater-than-expected 0.3% in May and looks set to turn in its best annualized quarterly performance for more than three years, official data indicated on Friday.
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[The growth] indicates annualized second-quarter growth of 3.4%, significantly higher than the Bank of Canada’s July 15 forecast of 2.5%, and the highest annualized quarterly increase since the 4.3% seen in the first three months of 2023.
The central bank left its benchmark overnight rate unchanged at 2.25% on July 15 and said growth would strengthen in the second half of the year as inflation pressures eased and firms continued to adapt to U.S. tariffs.
“The economy appears to have found ways to navigate the current cloud of uncertainty relating to trade with the United States,” said Royce Mendes, managing director and head of macro strategy at Desjardins.
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I agree with you that our system needs to focus more on progress, ecology and humanity. An ideal country ought to have policies where these are the paramount foci. But we don’t live in that ideal society sadly, as we’re a bunch of humans. Without incentive, we don’t make things happen as individuals or as a collective. We need to make that money so we can have good things again. People won’t do much for free, and money is still the best reward for effort, regardless of its value to you. That money opens up more options for a future government that’s more in line with what we’d both like to see.