BoC Expected to Cut Key Interest Rate, Despite Stronger-Than-Anticipated Growth in Q2

Commuters walk downtown near Union Station, in Toronto, on Aug. 22, 2024. The Canadian Press/Paige Taylor White

Economists say the Bank of Canada is still on track to cut interest rates next week, despite economic growth coming in stronger than expected in the second quarter.

Statistics Canada said on Friday the economy grew at an annualized rate of 2.1 percent in the second quarter—beating the Bank of Canada’s forecast.