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Canada’s economy grew at the fastest pace in a year in the second quarter as exports surged, though a slowdown in business investment may cast some clouds over the brighter economic picture.

Gross domestic product expanded at a 2.9 per cent annualized pace from April to June, faster than a 1.4 per cent increase in the first quarter of 2018, Statistics Canada said in a report Thursday from Ottawa. Exports jumped by an annualized 12.3 per cent, the biggest quarterly gain since 2014.

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Still, the numbers may be a slight disappointment as slowing business investment brought growth in below analyst forecasts — a development that may also give the Bank of Canada pause about speeding up interest-rate hikes.

Economists surveyed by Bloomberg News had anticipated a 3.1 per cent advance in the second quarter, while the central bank had been forecasting a 2.8 per cent gain.

Gross business investment — which had been on a run of late — was up an annualized 1.5 per cent pace in the second quarter, the slowest since the end of 2016.