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Canada's Economy Just Grew 3.3% — Here's Why That Makes a September Rate Cut Even Less Likely

  Published August 29, 2026 If you've been holding out hope that a slowing economy might finally push the Bank of Canada toward a rate cut, Friday's numbers just closed that door a little further. Statistics Canada reported that the Canadian economy grew at an annualized pace of 3.3% in the second quarter — the fastest rate since 2023 — and revised figures show the first quarter expanded 0.3% rather than shrinking as originally reported. That confirms Canada never actually slid into a technical recession this year. It's good news for the economy. It's less good news if you were counting on lower borrowing costs anytime soon. What actually drove the growth The rebound was broad-based. Exports posted their strongest performance in 39 months, business investment in factories, equipment and commercial real estate jumped, and consumer spending held up as well. On a per-person basis, output grew at a 3.8% annualized clip — the quickest pace since late 2021, even with Canada...
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Ireland, Spain, and Norway Recognize Palestinian State: A Historic Move

                             

In a significant and historic development, Ireland, Spain, and Norway have officially recognized the state of Palestine. The move has drawn both praise and criticism from various quarters.

Recognition and Reactions

  • Ireland: Irish Prime Minister Simon Harris described the recognition as “an historic and important day for Ireland and for Palestine.” The decision was coordinated with Spain and Norway, with the aim of advancing the Israeli-Palestinian conflict toward a peaceful resolution through a two-state solution.

  • Spain: Spain’s Prime Minister Pedro Sanchez announced the recognition in the Spanish Parliament. European Union countries Spain and Ireland, along with Norway, have taken this step amid international outrage over the civilian death toll and humanitarian crisis in the Gaza Strip following Israel’s offensive.

  • Norway: Prime Minister Jonas Gahr Store and Foreign Minister Espen Barth Eide jointly made the announcement in Oslo. Israel’s Foreign Minister Israel Katz swiftly ordered the return of Israel’s ambassadors from both Norway and Ireland in response to the recognition.

Israel’s Reaction

Israel has expressed strong disapproval, considering this move a “gift to Hamas.” The recognition has further strained relations between Israel and the three European nations.

Formal Recognition Date

The formal recognition of the Palestinian state is set for May 28, 2024. This decision marks a significant milestone in the ongoing Israeli-Palestinian conflict and has implications for regional dynamics.


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