Canadian economy grows 3.3% in second quarter, but momentum slowing: What you need to know

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“The Q2 GDP reading was likely the last ‘above-trend’ increase of this economic cycle. The bulk of GDP growth in Q2 came earlier in the quarter,” Nathan Janzen, assistant chief economist at Royal Bank of Canada, said in a note. “We continue to expect growth to be slower over the second half of the year with the economy slipping into a ‘moderate’ recession in 2023.”Despite inflation being at levels not seen in decades, household spending was one of the biggest contributors to economic growth.

Nominal GDP, which doesn’t strip out inflation, rose close to 18 per cent, annualized, in the quarter.Article content Trade also dragged on growth, with imports up more than 30 per cent, annualized, while exports only grew at an annual rate of 11 per cent.This advertisement has not loaded yet, but your article continues below.GDP expanded at a slower rate than forecasters expected, but the economy is still too heated for the Bank of Canada’s liking.

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