GDP in June came in slightly ahead of preliminary estimates and marked a third consecutive month of growth.

The expansion was broad-based despite a volatile macroeconomic backdrop, with 13 of 20 sectors delivering positive momentum.

Leading the gains were wholesale trade up 1.7%…

… and retail trade up 1.4%, with both delivering increases across most subsectors.

Annualized, Q2 GDP rose 3.3%, ahead of the Bank of Canada’s estimate of 2.5%, and the fastest pace since Q1/23. Exports drove the print, contributing 4.8% to GDP and offsetting an inventory contraction of 4.8%.

Combined with a third consecutive quarter of population decline, GDP per capita growth is accelerating and household consumption per capita remains strong.

Notwithstanding a solid June, preliminary estimates are calling for flat growth in July as retail trade and manufacturing soften.

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