News Summary

• The economy grew at an annualized rate of 3.3% in the second quarter.
• The upward revision to first-quarter growth means Canada was not in a technical recession.
• A strong domestic consumption and expenditure pattern puts Canada on a firm footing to withstand a new 50% u.s. import tariff that President Donald Trump imposed this week on $20 billion of Canadian exports.
• The Canadian dollar slightly weakened after the GDP data with loonie trading down 0.01% to C$1.3856.