Helping drive the growth was the mining, quarrying and oil and gas extraction sector which rose 0.9 per cent.
The rate hasn’t been this high since December 2008.
Central bank governor notes periods in which Canada turned inwards that have rarely led to success.
Can impact economic models and decision-making processes, BoC governor says.
As stubbornly low interest rates persist, BoC governor thinks it’s time for Canadians to revisit their retirement plans.
Concern follows news that the economy contracted at an annual pace of 1.6% in Q2.
Slowdown likely a result of the fact that big opportunities to boost global trade have already been largely exploited.
Leduc will join the governing council, which is responsible for monetary policy and financial system stability decisions.
Central bank suggests curbing debt and fiscal stimulus are tools that should be used alongside monetary policy.
Lower interest rates for variable rate mortgages, lines of credit and other loans could boost consumer spending.
Central bank governor said there is no simple policy response to fix the problem.
Central bank governor admits lower rates put risks on household debt levels, but set the overall economy to recover more quickly.
Finance minister’s comments prompt concerns about whether the territorial line between the government and the central bank has been blurred.
Finance minister Joe Oliver says the measure is off the table, but the decision to implement it rests with Bank of Canada governor Stephen Poloz.
Central bank blames rate cut on a drop in energy investment plans and weaker-than-expected exports.