Canada's economy sees 3.3% growth in 2nd quarter

The latest numbers from Statistics Canada say the economy rose sharply between April and the end of June. GDP grew by 3.3% on an annualized basis, the fastest quarterly growth rate since early 2023. It has been a very long time since Canada's seen not just this kind of growth, this pace of growth, but also this broad growth. Like 90% of Canadian exports were able to see some gains just over the past three months in that second quarter of this year. Obviously, a lot of this is being driven by the energy sector. The global price of oil is up, which means even if we weren't sending more oil out into the world than we are, the sheer value of it, the dollar value means we're getting more in terms of GDP for it. You can also see how benefits in the oil and energy sector can fan out across the country and give benefits in regions all around Canada, right? Metal products, industrial machinery and equipment manufacturing in Quebec and Ontario benefit from that. Statistics Canada revised last quarter's growth from 0.0% to 0.1%, which means that instead of slipping into a very small contraction in the first quarter of the year, we actually saw a very small gain, which wipes out that notion that we were in some kind of a technical definition of a recession to start the year. But all of this means that there's just a little bit more cushion, that the Canadian economy is a little bit more resilient than it was and doing a little bit better.