Cooling housing market curbs growth, StatsCan says
Economic growth slowed to an annualized rate of just 2% in the second quarter, Statistics Canada said today.
That’s a sharp drop from the 3.6% increase in gross domestic product recorded in the first quarter.
Economists had expected Q2 growth to slow to about 2.3%.
“This slower growth reflected reduced but sustained growth in consumer spending and business investment in plant and equipment as well as a cooling in the housing market,” Statistics Canada said.
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