Canada's gross domestic product grew at an annualized rate of 3.3% in the second quarter, exceeding expectations and outpacing major European economies. The expansion follows a 0.3% quarterly increase, rebounding from the prior period's 0.2% growth.
The latest figures contrast with mixed performance across advanced economies. The Atlanta Fed's GDPNow model projects U.S. GDP growth at 4.6% for the same period, while Germany's annualized rate stood at 1.0% and France's at 0.5%. Japan and the U.K. each recorded 1.1% annualized growth.
Canada's current account balance also improved, swinging to an 8.8 billion Canadian dollar surplus from a prior deficit of 8.3 billion. The data suggests stronger external demand and trade conditions for the North American economy.
