Canada Economy Grows 1.7% in Q2, Shrinks 0.5% in JuneTuesday, September 03, 2013 > 09:15:58
Canada's economy eased in the second quarter, advancing at an annualized rate of 1.7% after first-quarter growth of 2.2%, barely beating forecasts in a Reuters poll, Statistics Canada data indicated on Friday.
Exports scaled back to a non-annualized rate of 0.2%, following a 1.3% jump in the first quarter, as goods shipments, mainly non-metallic minerals, posted gains while energy products declined. Imports advanced by 0.4%.
On a monthly basis, Canada's economy shrank by 0.5% in June following 0.2% growth in May, the first contraction in six months, as construction, wholesale and retail trade and manufacturing fell.