OTTAWA — Economists say the latest GDP data from Statistics Canada showing a contraction in the economy suggests the Bank of Canada's rate hiking campaign may be coming to an end. The Canadian economy appeared to stall in the second quarter as investment in housing continued to fall, led by drop in new construction. The economy contracted at an annualized rate of 0.2 per cent in the second quarter, Statistics Canada reported, far weaker than forecasters had expected. The decline in the second qu
OTTAWA — Economists say the latest GDP data from Statistics Canada showing a contraction in the economy suggests the Bank of Canada's rate hiking campaign may be coming to an end.
The drop in spending came as Canadians face higher borrowing costs fuelled by interest rate hikes by the Bank of Canada, which is trying to bring inflation back to its target of two per cent. "They're certainly going to continue monitoring the data because there has been quite a lot of noise. The reason why I'm fairly confident that this is the end of it is we don't expect spending to really go up towards the end of the year."
Statistics Canada also revised its reading for growth in the first quarter to an annual pace of 2.6 per cent, down from 3.1 per cent. The weakness in the second quarter was also attributed to lower inventory accumulations, as well as slower growth in exports and household spending.
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