Economics
Canada's Economy Surges 4.5% on Consumer Spending
- Quarterly growth was tops in G7, beating 3.7% forecast
- Positive surprise may solidify Bank of Canada rate-hike path
A shopper browses clothing at a second hand store in Kensington Market in Toronto.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Canada’s economy unexpectedly accelerated at a 4.5 percent pace in the second quarter -- tops among Group of Seven countries -- led by the biggest binge in household spending since before the 2008-2009 global recession.
Annualized growth was the fastest in six years and topped the 3.7 percent average forecast from economists. The expansion surpassed the 3.7 percent first quarter growth rate, which was left unchanged Thursday by Statistics Canada.