Canadian Economic Growth Exceeds Forecasts, Heightening Speculation of Rate Increase

The Canadian economy started off strong in the second quarter, extending a streak of better-than-expected growth and boosting the likelihood of another Bank of Canada rate hike.

Preliminary data suggest gross domestic product rose 0.2% in April, Statistics Canada reported Wednesday in Ottawa, led by mining, oil and gas, transportation and real estate. That followed a flat reading in the previous month, exceeding expectations for a 0.1% contraction in a Bloomberg survey of economists.

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