Statistics Canada to release second quarter GDP report today

Statistics Canada is set to release its gross domestic product report for the second quarter this morning.

Statistics Canada is set to release its gross domestic product report for the second quarter this morning.

RBC says it expects the economy grew at an annualized rate of 1.4 per cent in Q2.

That's below Statistics Canada's preliminary estimate of two per cent.

RBC says it expects the report to show the economy continuing to weaken on a per-capita basis, given strong population growth.

The GDP reading comes ahead of a Bank of Canada interest rate announcement on Wednesday.

Economists are widely expecting the central bank to lower its policy rate by a quarter of a percentage point to 4.25 per cent.

This report by The Canadian Press was first published Aug. 30, 2024.