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Canadian economy rebounds, jumps 4.5% in May
From The Canadian Press:
Statistics Canada says the economy grew by 4.5 per cent in May as businesses began to reopen after severe lockdowns of March and April.
The average economist estimate was for a 3.5 per cent 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-per-cent bump to mark its largest monthly increase since comparable readings began in 1961.
Motor vehicle and car sales contributed the most to the retail growth. Statistics Canada says the sector would have grown by 11.4 per cent had they been excluded from calculations.
In a preliminary estimate for June, the agency says the economy continued to pick up steam, with a five-per-cent increase for the month.
Despite the two months of growth after two months of negative readings, Statistics Canada’s preliminary estimate is that economic output contracted by 12 per cent in the second quarter compared to the first three months of 2020.
- Main industrial sectors’ contribution to the percentage change in gross domestic product. Source: Statistics Canada.
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