Canada's economy stalls in 2nd quarter

By Ovunc Kutlu

ISTANBUL (AA) - Canada's economy stalled in the second quarter of 2023, compared to the previous quarter, as real gross domestic product (GDP) was nearly unchanged, Statistics Canada said Friday in a statement.

The market expectation for the figure was to show an increase of 0.3%, while the North American country saw its economy expanding 0.6% in the first quarter of this year.

The statistical agency said there was decline in housing investment, slowing exports and slowdown in household spending during the April-June period.

"Housing investment fell 2.1% in the second quarter, the fifth consecutive quarterly decrease," said the statement. "Final domestic demand rose by 0.3%, a similar increase to that seen in the first quarter of 2022."

Imports of goods and services rose 0.5% in the second quarter, following a 0.2% increase in the first quarter; while exports of goods and services ticked up 0.1% in the April-June period, following a 2.5% increase in the January-March period.