The consensus-beating 0.5% monthly rise in GDP means that growth over the second quarter as a whole looks to have been 3.0% in annualised terms. The Bank of Canada largely anticipated this strength, however, having pencilled in a 2.8% gain, so we doubt that May’s solid gain will cause the Bank to seriously contemplate another interest rate rise as soon as September.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services