Canada's economy grew by a greater-than-expected 0.3% in May and looks set to turn in its best annualized quarterly performance for more than three years, official data indicated on Friday.

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[The growth] indicates annualized second-quarter growth of 3.4%, significantly higher than the Bank of Canada's July 15 forecast of 2.5%, and the highest annualized quarterly increase since the 4.3% seen in the first three months of 2023.

The central bank left its benchmark overnight rate unchanged at 2.25% on July 15 and said growth would strengthen in the second half of the year as inflation pressures eased and firms continued to adapt to U.S. tariffs.

"The economy appears to have found ways to navigate the current cloud of uncertainty relating to trade with the United States," said Royce Mendes, managing director ‌and ⁠head of macro strategy at Desjardins.

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[–] keyhoh@piefed.social 1 points 2 days ago (1 children)

I see. You're just trying to argue because you don't understand economics. To you, everything needs to be immediate, is that it? Have you ever built something?

It takes over a year to build a house. How long do you think it takes to build an industry? It starts tickles down when people show up to put the shovels in the ground and continues until the last coat of paint is on. You think all of those workers are going to be eating bush berries to survive as they work, or will they be buying up services as they work? Have some patience.

[–] BillyTheKid2@lemmy.ca 1 points 2 days ago

No, not at all. Some investments take hundreds of years.