Canadian Growth to Pick Up, Bank Says

The country’s economic growth, after several months of lackluster performance, will increase in the second half of the year as interest rates fall and consumer demand grows, the Financial Post reported. The Bank of Canada said strong growth in Canadian exports and lower interest rates have spurred increased consumer confidence and a more stable work force. The bank said weakness in the Canadian economy in the first half occurred mainly because of declining consumer demand because of higher interest rates. The Bank of Canada on Tuesday lowered the country’s bank rate by 0.18 percentage point to 6.84%, its first decline in three weeks.