Economy grows more than expected, bolstering chances of rate hike

September 28, 2018

Canada’s economy grew by a greater than expected 0.2 per cent in July, Statistics Canada data indicated on Friday, [September 28], a development set to cement market expectations of another interest rate increase next month...

The Bank of Canada, which this month forecast temporary factors would weigh on third-quarter GDP, on Thursday, [September 27] pledged to raise rates gradually and keep a close watch on economic data. The next fixed interest rate decision is on Oct 24.

The manufacturing sector increased by 1.2 per cent as key sectors recovered after shutdowns for maintenance and retooling. Output of petroleum and coal products climbed by 7.6 per cent while chemical products posted a 5.5 per cent gain.

Wholesale trade grew by 1.4 per cent after a 1.2 per cent decline in June. The utilities sector expanded by 2.1 per cent as a heat wave boosted demand for electric power generation and distribution.

This was excepted from 28 September 2018 edition of The Globe and Mail.

Topic(s)

International Trade and Border Management

Information source

Canadian News Channel

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