国际英语新闻：Canada's recovery slows in second quarter

OTTAWA, Aug. 31 (Xinhua) -- The growth of the Canadian economy slowed to a crawl in the second quarter of 2010, surprising Canada 's central bank and private analysts.

Canada's gross domestic product expanded at an annualized pace of 2 percent from April through June, according to figures released on Tuesday by the federal agency Statistics Canada.

The disappointing results will likely stall any plans by the Bank of Canada to raise interest rates as a decision on rates is expected Sept. 8.

Bank of Canada governor Mark Carney has already said future rate increases will be "weighed heavily" against new economic data.

In the previous quarter, the economy expanded by an annualized rate of 5.8 percent. Statistics Canada's Tuesday statement revised first quarter growth downward from 6.1 percent.

Carney used the first quarter figures to raise interest rates twice in June. Last month, at a media briefing in Ottawa, Carney estimated GDP growth would slow to a 3 percent rate. In recent days, economists quoted in the Canadian media were more pessimistic, expecting a growth rate of around 2.5 percent.

"It's not like we were in a recession in the second quarter, but Canada's current account behaved as if we were, providing a glimpse into what lies ahead for our external balance in a world of slow growth," said Krishen Rangasamy, economist at Canadian Imperial Bank of Commerce World Market, said in a statement.

The disappointing GDP numbers are part of a string of recent financial data that show Canada's balance of trade is slipping, retail and wholesale sales are tapering off, and the Consumer Price Index is edging upwards.