Canada Growth Slows to 1% in Second Quarter; June GDP Shrank
- Report suggests Bank of Canada rate hikes are having an impact
- Growth in consumer spending is expected to slow in second half
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Canadian economic momentum decelerated in the second quarter after an unexpectedly strong start to the year.
Preliminary data suggest gross domestic product decreased 0.2% in June, the first contraction this year, led lower by the wholesale and manufacturing sectors, Statistics Canada reported Friday in Ottawa.