Economy grew by 1.7 per cent on annualized basis in Q2: StatsCan

OTTAWA – Statistics Canada says the economy grew by 1.7 per cent in the second quarter.

It says, however, that real gross domestic product declined 0.5 per cent on a monthly basis in June.

The agency says exports edged up 0.2 per cent in the second quarter, after advancing 1.3 per cent in the first quarter.

Imports were up 0.4 per cent, following a 0.6 per cent gain in the first quarter.

The output of service industries expanded 0.7 per cent in the second quarter, while goods-producing industries fell 0.5 per cent.

Notable increases were recorded in retail and wholesale trade, the finance and insurance sector, professional services, as well as in the output of real estate agents and brokers.