Statistics Canada to release GDP figures for May, preliminary Q2 figure

OTTAWA –

Statistics Canada is about to launch right this moment its newest studying on how the economic system fared in May, in addition to a preliminary glimpse for the second quarter.

The federal company’s early estimate suggests actual gross home product grew 0.4 per cent in May, pushed partially by the manufacturing and wholesale commerce sectors.

That compares with an April studying that confirmed the economic system was nearly unchanged, whereas it grew a slight 0.1 per cent in March.

The Bank of Canada has been working to sluggish the economic system by elevating rates of interest in an effort to carry inflation again inside its goal vary.

It most not too long ago raised its key price on July 12 by 1 / 4 of a proportion level to 5 per cent, the very best it has been since 2001.

The Bank of Canada has stated that future price choices, together with its subsequent one on Sept. 6, will likely be depending on what financial knowledge exhibits.

This report by The Canadian Press was first revealed July 28, 2023