The second quarter in the Canadian economy saw an unexpected annualized growth rate of 4.5% for 2017. This acceleration topped the Group of Seven (G-7) countries and was led by the largest household spending binge since before the 2008-2009 global recession. This annual growth exceeded the 3.7% average forecasted by Canadian economists and the 3.7% first-quarter growth rate. Canadian Visa Expert is an immigration firm that helps foreign nationals with the immigration process to get moved to Canada.
In a memo to investors, Doug Porter, chief economist at the Bank of Montreal, reported, “The hits just keep coming for the Canadian economy. Even the naysayers will struggle mightily to find fault in this rock-solid report.” The growth surge in recent months is looking to aid in the outcome of rising interest rates this year by the Bank of Canada. The country’s economy is near full capacity and is seeing the strongest growth increase in more than ten years. With this strong growth, Canada is on the lookout for skilled foreign nationals to work in their country, and Canadian Visa Expert can help!
Canada’s dollar saw an increase by 0.5% to $1.2551 versus the United States dollar. The Loonie
topped all currencies among the Group of 10, by trading at 79.67 U.S. cents. Two-year government bond yields increased to 1.28%, a jump of 4 basis points. Avery Shenfeld, chief economist at Canadian Imperial Bank of Commerce, said, “Canada’s second quarter let the good times roll, so much so that the country’s national humility has almost everyone assuming that this can’t last.”
With GDP numbers like these, the Canadian economy is close to having a 3% growth for all of 2017. These numbers would put an end to a half-decade- long stretch of less than 3% growth which is tied as the longest on record going back to 1926. This would surpass the United States by a full percentage point of growth. Contact Canadian Visa Expert today for information on how you can get moved to Canada to study, work, live, and raise a family!