Published: Fri, September 01, 2017
Global | By Maureen Mccoy

Canada GDP Rises 4.5% in 2Q on Exports, Household Spending

Canada GDP Rises 4.5% in 2Q on Exports, Household Spending

Activity expanded faster in the spring than initially expected, and the composition of GDP in the quarter bodes well for continued strength over the rest of the year. "This is a strong performance from the Canadian economy, not just in the second quarter but in the entire first half of the year".

If the economy were to sustain the current pace of expansion, it would be a significant uptick from the 2 percent annual growth rate that has mostly prevailed since the recovery began. "So we're really on our way".

"Even as we see daylight in today's economy, we find ourselves in the shadow of daunting longer-term challenges to economic growth and shared prosperity", said John Williams, president of the Federal Reserve Bank of San Francisco, in an august 2 speech. To put how silly this is in terms Trump would understand, this is like saying that if he shot an 80 in one round of golf while scoring an average of 100 in his previous eight rounds, he has qualified for the Masters. Both forecasting firm Macroeconomic Advisers and the Federal Reserve Bank of Atlanta's GDPNow model were predicting a third-quarter growth rate of 3.4% ahead of Wednesday's report.

Paul Ashworth, chief US economist at Capital Economics, said he believed that the strength in consumer spending should result in an "even stronger hand-off" for growth going into the current quarter.

"The US is not a three percent economy - some of it is due to a rebound from the quirky first quarter GDP estimate", he wrote in a research note.

Economists have said this may be unrealistic in the best of times, and Trump's growth agenda remains stalled in Congress.

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Despite forecast rain and plenty of nearby cloud cover, the weather remained fine, the temperature above 30 degrees. Shakib said Bangladesh would be hoping to capitalise on Australia's poor run in recent South Asia clashes.

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The number of killings was likely higher because some victims were cremated, making it impossible to gather evidence, he added. Hoegel admitted during his trial that he caused cardiac crises in approximately 90 patients so could resuscitate them.

During last year's campaign, Trump pledged to boost economic growth to 4 percent or better.

Combined with the 3.7 per cent expansion over the first three months of 2017, Statistics Canada said the country saw its strongest six-month start to a calendar year in 15 years. The growth rate in the January-March quarter was a lackluster 1.2 percent. "All of those things weighed on US growth".

Earlier this month, Container Store Group's CFO Jodi Taylor said that the company "has seen solid growth in the higher-ticker portion" and holds "the opinion that the customer is still spending". The Feds found that "F$3 ixed nonresidential investment rose at a 6.9% pace last quarter, up from an initial estimate of 5.2%, including stronger spending on software".

Stephen Stanley is the chief economist for Amherst Pierpont Securities, a broker-dealer providing institutional and middle-market clients with access to fixed-income products. A revival in domestic energy production has contributed, but the big improvement so far this year has come in outlays for business equipment.

The GDP report was enough for CIBC chief economist Avery Shenfeld to change his mind.

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