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Canadian economy set for strong rebound with 3.4% Q2 expansion
['Luke Juricic', 'Min Read']
Yahoo Finance - Business Finance, Stock Market, Quotes, News
Investing.com -- The Canadian economy is regaining momentum faster than anticipated, driven by persistent strength in resource extraction and broad-based industrial expansion.
Unseasonably elevated extraction activity was further bolstered by deferred spring maintenance schedules, alongside a 7.3% surge in support services for the resource industry.
Meanwhile, transportation and warehousing lifted 0.3%, propelled by a 2.7% expansion in pipeline throughput following strong natural gas export demand.
An advance estimate points to a continued 0.2% monthly GDP expansion in June, putting total second-quarter industrial output growth on track for 0.8% unadjusted.
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