Canada’s GDP expanded 3.7 per cent annualized in the second quarter of the year, according to Statistics Canada.

Economists were expecting 3 per cent growth.

"The Canadian economy came roaring back following a couple of quarters of near stagnation," said CIBC economist Royce Mendes in a research note.

Exports drove growth with a 3.7 per cent rise, following declines in the two previous quarters.

Non-residential business investment fell 16.2 per cent, a bad sign for the economy going forward.

Growth in household spending slowed to 0.1 per cent.

//Petra//