In the second quarter of 2013 Canada economy grew at a slower pace, partially driven by a decline in energy and business investment exports. This reinforces the belief that the central bank will not raise interest rates for at least another year.

GDP rose by 1.7% from the beginning of April to the end of June, according to data released by Statistics Canada. This was approximately inline with the 1.6% figure forecasted by economists surveyed by Bloomberg.

Out of the Group of Seven economies, Canada is the only nation whose growth rate actually declined. Other nations in the peer group are experiencing signs of improvement. The U.S. has seen growth of 2.5% during the second quarter while the U.K. growth accelerated to 0.7%