GDP up 0.5 per cent, surpassing Bank of Canada forecast

Published: Aug 29, 2024 Duration: 00:03:12 Category: News & Politics

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stats Canada releasing its latest GDP report showing an increase of 0.5% on an annualized rate that translates to a 2.1% increase and surpasses the Bank of Canada forecast joining us now is ctv's Jeremy Chiron to talk a little bit more about this thanks as always Jeremy for joining us uh how do we read this report yeah Roger I mean you know uh the Bank of Canada had projected an annualized rate of growth of 2% uh and this Q2 update is 2.1% uh of annualized growth so uh a slight uh uh the economy is doing slightly better than the the um uh than stats Canada had had projected um and that's mostly driven by higher government spending increase business Investments uh and higher consumer spending uh on Services the economy showed a decline though uh in exports residential construction and cons consumer spending uh on Goods now on a per person uh basis uh the economy actually shrank for the fifth straight month month indication that population growth continues to outpace uh economic growth and we look at the last two months specifically Roger uh which um are going to be very important indicators as to where the economy is at the moment uh and is information that experts will be relying on for other more important decisions that are coming up uh but in the month of uh June and July June the economy uh stayed relative ly unchanged and stats Canada says that uh early indications for July show a second straight month um of virtually no uh no change in the economy so those are signs certainly of an economy that has slowed down uh that has seen the impacts or felt the impacts of inflation uh High interest rates um all measures that uh the Bank of Canada is looking at closely ahead of uh another big decision next week and of course now does is any indicators that that slowdown you're mentioning are we done with the Slowdown or is there more to come uh you know it looks like we'll continue to see this trend um as of right now like a continued uh gradual slowdown or at least a flattening what we don't want to see is a big uptick in the economy and I when I say you don't want to see that talking in relation to continued uh Cuts uh at the Bank of Canada so um all indications right now show and experts are predicting uh widely predicting uh that next week when the Bank of Canada updates its uh its interest rate we'll see another quarter of a percentage cut um and most experts are still predicting another two cuts uh this year so we'll we'll see likely a drop next week to uh a key interest rate of 4.25% uh and then likely two more quarter of a percentage cuts um this year so measures that uh the Bank of Canada had taken to kind of cool the economy cool inflation seem to be working and are continuing to move in the right direction uh for anybody who is is looking to see uh interest rate cuts of the Bank of Canada so good signs in that regard okay lots more to talk about but for now we're out of time Jeremy thank you as always

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