The first look at Canadian GDP for June and Q2
- Best quarter since Q2 2017
- Q1 was 1.3% q/q annualized (revised to 1.4%)
- June GDP +0.0% vs +0.1% m/m expected
- GDP 2.4% y/y vs 2.3% expected
- Prior GDP y/y 2.6% (revised to 2.7%)
- Household spending +0.6% vs +0.3% in Q1
- Inventories +$13.4B vs +$16.0B in Q1
- Business investment in non-residential structures +0.5%
- Business investment in machinery and equipment +0.3%
- Business investment in IP +0.2%
StatsCan noted that a large outage in the oilsands (Suncore) was a big part of the reason for a flat reading in June.
The driver of stronger growth was a 2.9% jump in export volumes, which was the largest gain in four years. Goods exports rose 3.6% on strong energy exports
