GDP results for June and second quarter to be released Friday by StatCan

Canada’s economy grew in the three months ending in June, with annualized gross domestic product (GDP) up 3.3 per cent, according to Statistics Canada.

That data also showed officials have revised GDP figures for the first quarter, which had sparked debate over whether Canada had entered a technical recession.

The agency released real GDP figures for June on Friday, which showed the economy expanded 0.3 per cent in the month, while the first quarter’s real GDP revised slightly higher from zero per cent to 0.1 per cent.

On an annualized basis, the first quarter was positive by 0.3 per cent, up from a drop of 0.1 per cent.

Back in May, StatCan reported a marginal annualized decline in first-quarter GDP – a second consecutive quarterly drop that fueled some debate over whether Canada was in a recession. But that quarterly contraction was erased as part of the agency’s regular revisions on Friday.

– With a file from The Canadian Press