Canada’s economy never entered any credible definition of recession, but growth is rebounding nicely in the second quarter. This offers a nice set-up for the Bank of Canada’s wholesale forecast reset in the July 15th MPR and following next week’s BoC surveys that are likely to show higher inflation expectations. Q2 GDP is tracking a gain of 2.3% q/q SAAR and is very close to rounding up to 2.4%. That would be the strongest growth since 2025Q3 (chart 1) using monthly production-side GDP accounts. {chart} GDP grew by 0.55% m/m SA in April which was higher than the preliminary flash estimate of 0.4% that Statcan offered ... (full story)