Statistics Canada released Canadian gross domestic product (GDP) on Friday. The GDP rose at an annual rate of 3.1% in the second quarter, after a 0.9% gain in the first quarter. The first quarter's figure was revised down from a 1.2% rise.

That was the largest quarterly increase since the third quarter of 2011. The increase was driven by household spending.

On a monthly basis, Canadian GDP rose 0.3% in June, in line with expectations, after a 0.5% increase in May. May's figure was revised up from a 0.4% gain. The monthly rise was driven by mining, oil and gas, construction, wholesale and retail trade.