Finance minister emerges to tout GDP growth numbers

All talk of a "technical recession" aside, the 0.3 per cent growth rate for GDP in July will certainly be placed in the Conservative win column, squeezed in amid a series of recent favourable economic reports.

The Statistics Canada figures released Wednesday show that Canada's economy expandedby 0.3 per cent, but that is better than the 0.2 per centeconomists had been predicting.

While growth had been negative in five of the preceding six months, the Conservatives were quick to point out that July's rate on an annualized basis would mean growth of 3.6 per cent a robust pace.

It's thetype of news the Conservatives have wanted to feed into their narrative, thatleaderStephen Harper is theonly one whocan continue to be the responsible steward of the economy.

Earlier this month, Harper welcomed the "incredibly good news" that Canada had posted a surplus of $1.9 billion for the 2014-15 fiscal year. That cameon the heels of an earlier finance departmentreport that saidCanadawas in a $5-billion surplus for the April-to-June period this year.

The other party leaders on the campaign trail had little to say about the figures.Liberal Leader JustinTrudeaurejected the idea that his planto invest in infrastructure in order to kick-startthe economy is in any waynegated by the data. And hesuggested Harper's economic record shouldnot be judged on recent economicindicators.

"Our plan to create growth, to invest in our communities, to create jobs and opportunities for the middle class isn't based on the past few months,"Trudeausaid."It's based on the 10 years of low growth by Mr. Harper. We have an economy that is stalled,and have thousands upon thousands of Canadians looking for work."

Joe Oliver emerges

But the Conservativesobviously felt the July figures weregood enough to highlight. So much so that they prompted anappearance by Finance Minister Joe Oliver,who shot down suggestions he has been in some sort of summer hibernation during the election campaign.

"I've been here and I've given interviews to everyone who has come to my riding," Olivertold reporters, responding to a question about his absences."The signs are out there. I'm not hard to find. The important thing is, I've been focusing on talking to my constituents about a whole range of issues, of course primarily about economic issues."

Over the past weeks, little has been seen ofthe Conservative candidate and finance minister. It was Defence Minister Jason Kenney, not Oliver,who was trotted out last monthto challenge the notionthat Canada was in a technical recession when two consecutive quarters had recorded negative GDP.

Oliver did emerge, sort of, this month,via an interview with The Associated Press.He denied that Canada was in a recession, blaming thecontraction on the downturn in theenergy and resource sectors.

But Wednesday, with Harperhaving no scheduled public events in the morning, it was Oliver who faced the cameras in Torontoto talk about Canada's GDP growth for July.

"What it signals is clearly we are on the move. Our economy is growing. This is consistent with what every economist that I have spoken to, the Bank of Canada, is of that view.The IMF. The OECD. Canada is going to have solid, strong growth in the second half of the year and experience positive growth for the full year."

But Oliver shot down suggestions that the 0.3 per cent growth for a month was modest, saying "it's a good solid number" that followed another month of growth.

On the rebound

"The back-to-back gains in GDP [in June and July]suggest thatthe economy rebounded firmly from the very weak first half of2015," BMO senior economist BenjaminReitzessaid in a report.

In fact, Reitzessaidthat GDPgrowth for the third quarter is tracking on a range of 2.5 to 3.0per cent.

Oliverrejected that the growth may be short term andattributable only to a temporaryrebound of oil-relatedsectors, and a one-timeboost to the economy from the Pan Am Games andFIFAWorld cup.

"The economy is growing," Oliver insisted: "There are current factors because this is current growth. But they are enduring factors," he said.

"I prefer to see the glass 80 percent full rather than 20 per cent empty."