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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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Liberals Secure Fourth Mandate Amid Political Shifts

The Liberal Party of Canada has achieved a historic fourth consecutive mandate, led by Prime Minister Mark Carney. This victory marks a significant rebound for the party, which faced challenges following the resignation of former Prime Minister Justin Trudeau earlier this year. 

While the final count of seats remains uncertain, early projections suggest the Liberals may form a minority government, requiring collaboration with other parties to pass legislation. Carney, who won his Ottawa-area riding, emphasized unity and inclusivity in his victory speech, promising to govern for all Canadians. 

The election saw a dramatic collapse in support for the New Democratic Party, with leader Jagmeet Singh announcing his resignation after losing his seat. Meanwhile, Conservative leader Pierre Poilievre vowed to hold the Liberal government accountable, despite trailing in his own riding. 

This election unfolded against the backdrop of economic tensions with the United States, housing affordability concerns, and climate policy debates. Canadians now await the final seat count to determine the shape of their next government.

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