The economy shrank 1.1% in the second quarter on an annualized basis, missing analyst expectations of a gain of 2.5%, Statistics Canada data showed, while a preliminary estimate for July showed a contraction of 0.4%. June GDP rose 0.7%, in line with expectations."It seems that the Canadian economy wasn't on as strong a footing as we had believed," said Royce Mendes, senior economist at CIBC Capital Markets.
The quarterly contraction was far below the Bank of Canada's July forecast of a 2.0% gain on an annualized basis, though analysts were mixed on whether it would affect an expected tapering of the bond-buying program later this year.
Source: Financial Digest (financialdigest.net)
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