Canada's economy grew by 3.3% in the second quarter, showing sharp recovery

Canada's economy rebounded sharply in the second quarter, thanks to a jump in exports and stronger domestic investment, according to Statistics Canada data.

The economy grew at an annualized rate of 3.3 per cent in the second quarter, following an upwardly revised 0.3 per cent in the first quarter, Statistics Canada said. For the month of June, GDP was up 0.3 per cent.

With the first-quarter revision, which ​was previously a slight contraction, Canada was not in a technical ​recession, which is usually two consecutive quarters of contraction.

Exports rose 3.6 per cent according to the data agency, largely because of higher auto exports.

Residential investment also helped boost the economy, as did investment by business owners, who spent more on machinery and equipment in the second quarter. Business capital investment was up 2.3 per cent in the second quarter, snapping a streak of five consecutive quarters of decline.