StatCan set to report Q2 GDP results after surprise Q1 contraction

OTTAWA - Economists anticipate fresh data from Statistics Canada will reveal a sharp rebound in economic growth during the second quarter of the year following the release of new gross domestic product figures. Expectations are high that the Canadian economy expanded at an annualized rate of 3.4 per cent during this period, according to a Reuters poll of economists.

RBC economists also believe GDP will surpass three per cent for the second quarter as the economy recovered from temporary setbacks in the previous three months. It is important to note that StatCan had previously reported a slight decline in real GDP in the first quarter, sparking discussions about whether a recession had affected the economy.

Economists will closely examine this report to determine if the economy truly experienced a mild contraction at the beginning of the year.