The Canadian economy's 2.1% growth in Q2 2024 exceeded expectations but was mitigated by a fifth consecutive quarter of declining GDP per capita.
While household spending continued, it shifted towards necessities like rent and food, indicating a slower pace, especially in discretionary items like vehicles.
CIBC economist Andrew Grantham noted the economic growth was 'modestly better than expected' yet highlighted a concerning weak momentum moving forward.
The upcoming Bank of Canada meeting anticipates a potential cut of the key interest rate to 4.25%, as economic indicators suggest continued easing.
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