The stronger-than-expected 0.5% m/m rise in GDP in April extended beyond solely the oil and gas sector and, paired with the advance estimate of a 0.1% rise in May, leaves second-quarter GDP growth on track to rebound strongly. While this should put a firm end to any debate about whether the economy is in recession, growth over the first half of the year is still set to average considerably below the Bank of Canada's forecast, supporting our view that rate hikes are a long way off.
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