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Canadian economy grows at 4.5% pace in Q2, easily beating forecasts

Canada’s economy grew at a rapid pace in the second quarter, easily beating economists’ expectations and the rate of growth at its larger neighbour, the US.

Gross domestic product rose at an annualised pace of 4.5 per cent in the second quarter, Statistics Canada said. That compares with 3.7 per cent in the first three months of the year, and economists’ estimates in a FactSet poll of 3.3 per cent.

Consumer spending continued growing at a steady rate in the second quarter, while export and business investment both picked up steam.

In comparison, the US economy grew at a 3 per cent rate in the second quarter.

The upbeat data on Thursday sent the Canadian dollar zipping higher against its US counterpart. The buck was recently off 0.47 per cent to C$1.2563.