Canada's gross domestic product increased 0.3% in April, matching market expectations, as growth rebounded in sectors including wholesale trade and...
OTTAWA - Canada's gross domestic product increased 0.3% in April, matching market expectations , as growth rebounded in sectors including wholesale trade and manufacturing, and the economy likely expanded further in May, data showed on Tuesday.The growth in April, fastest since the 0.5% in January, was driven by rebounds in wholesale trade , mining, quarrying, and oil and gas extraction and manufacturing sectors , Statistics Canada said.
In a preliminary estimate for May, Statscan said GDP was likely up 0.1%, as increases in manufacturing, real estate and rental and leasing and finance and insurance were partially offset by decreases in retail trade and wholesale trade.Friday's data puts the Canadian economy on track to exceed the Bank of Canada's second quarter annualized growth forecast of 1.5%. GDP rose 1.7% in the first quarter, falling short of the bank's 2.8% growth rate projection.
Latest inflation data, however, showed consumer prices unexpectedly rose in May, prompting money markets to lower bets of a rate cut in July to about 40%. The next rate announcement is on July 24, before which the bank will have the benefit of one more inflation reading, along with the jobs report for June.The May PCE report is the latest update on inflation as investors ponder when the Federal Reserve will cut interest rates.
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