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TD Bank raises its outlook for economic growth for the third quarter

TORONTO – TD Bank is raising its outlook for Canadian economic growth for the third quarter.

The now says it expects the economy to grow at an annual pace of 2.3 per cent compared with a June forecast for growth of two per cent.

For the full year, TD still expects the economy to grow by 1.7 per cent for the full year, and 2.4 per cent in 2014.

However the bank says it expects where the growth will come from is different than its earlier forecast.

Exports and business capital spending are still expected to pick up, but the speed of improvement in the near term has been scaled back.

Meanwhile, consumer spending and residential investment have been stronger than expected.

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The Canadian Press

The Canadian Press is Canada's trusted news source and leader in providing real-time, bilingual multimedia stories across print, broadcast and digital platforms.

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