The Canadian Press
Published Wednesday, August 31, 2022 5:42AM EDT
Last Updated Wednesday, August 31, 2022 5:42AM EDT
Statistics Canada is expected to release its latest reading on economic growth this morning.
The agency is set to release gross domestic product figures for the month of June and the second quarter of this year.
A preliminary estimate for the second quarter provided in Statistics Canada’s last report pointed to 4.6 per cent annualized growth, up from 3.1 per cent for the first three months of the year.
RBC says GDP likely rose in the second quarter but there are “clear signs” it began losing steam over May and June.
The central bank has called the Canadian economy “overheated” and has been combatting high inflation with a series of interest rate hikes.
With the annual inflation rate reaching 7.6 per cent in July, the Bank of Canada is expected to announce another supersized interest rate hike Sept. 7.
This report by The Canadian Press was first published Aug. 31, 2022.