PLANT

Economy grew 4.5% in May, Statistics Canada says

In a flash estimate for June, the agency says the economy continued to grow at a rate of 5%

August 3, 2020   by CP STAFF

OTTAWA — Statistics Canada says the economy grew by 4.5% in May as businesses began to reopen after severe lockdowns of March and April.

The average economist estimate was for a 3.5% increase in gross domestic product for May, according to financial data firm Refinitiv.

The national data agency says rebounds in May were seen across multiple industries with the easing of COVID-19 restrictions, including retail trade that registered a 16.4% bump to mark its largest monthly increase since comparable readings began in 1961.

In a flash estimate for June, the agency says the economy continued to grow at a rate of 5%.

Despite the two months of growth after two months of negative readings, Statistics Canada’s preliminary estimate is that economic output contracted by 12% in the second quarter.

The June and second quarter figures will be finalized late next month.


Print this page

Related Stories

Leave a Reply

Your email address will not be published. Required fields are marked *

*