Canada's economy likely grew by a more modest 1.7% in the second quarter, down from the 1.9% pace recorded in each of the two quarters before that. We had expected GDP growth of 2.2% annualised, but softer than expected monthly trade figures, both for exports and imports, suggest that our previous forecast was too high. If we are right, then that would mean the economy would have been growing at less than its potential rate for nine months.
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