Canadian GDP rises 3.3% in second quarter, but economy expected to slow in last half of year (BNN Bloomberg)

Canada’s gross domestic product rose 3.3% at an annualized rate in the second quarter after witnessing a 3.1% increase in the first three months of the year, BNN Bloomberg reported. Still, slower growth was foreseen. “We continue to expect growth to be slower over the second half of the year with the economy slipping into a ‘moderate’ recession in 2023,” Nathan Janzen, assistant chief economist at Royal Bank of Canada, said in a report to investors. According to BNN Bloomberg, the numbers paint a picture of an economy running hot for much of the first half of 2022, even as the US and other countries stumbled. However, it’s now entering a cooler period in the face of decades-high inflation and rising interest rates.