Canada's economy grows 0.3% in May, but likely shrank in June
Early estimate sees 1% growth in second quarter
OTTAWA — Statistics Canada say the Canadian economy grew by 0.3 per cent May.
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Canada's economy grows 0.3% in May, but likely shrank in June Back to video
The federal agency’s preliminary estimate suggests real gross domestic product grew at an annualized rate of 1 per cent in the second quarter.
The May figure came in slightly lower than was expected by Statistics Canada as mining and oil and gas companies reduced their operations in Alberta at the outset of the record-breaking wildfire season.
The modest increase was driven, in part by a rebound in the public administration sector as federal public servants on strike returned to work by the end of April.
The federal agency’s preliminary estimate for June suggests the economy contracted by 0.2 per cent.
Statistics Canada says decrease is mainly owing to the wholesale trade and manufacturing sectors.
More to come …
