August 4, 2022
May saw no economic growth in Canada, making it the second month in a row that there have been no advances, according to Statistics Canada.
The total value of all economic output during the month was practically unchanged from what it was a month earlier, according to the data agency, because a minor improvement in the service sector wasn’t sufficient to counteract a fall in industries that produce goods.
The flat performance was significantly better than the 0.2% little decline that economists had predicted.
According to an early estimate for June, the economy only marginally improved in May, with a 0.1% growth.
Although final figures won’t be available until the end of August, if June’s preliminary estimate is accurate, Canada’s economy expanded by 1.1% in the second quarter. While this isn’t a particularly impressive performance by any standard, it was at least better than the U.S. economy’s contraction of 0.9% during the same time period.
Source: CBC News
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