Canadian economy stayed flat in May, with growth slowing down as businesses continue to face supply constraints and rising interest rates.
Real gross domestic product was unchanged in May after a 0.3 per cent expansion in April, Statistics Canada reported Friday.
“We’re expecting growth to slow, but part of the reason for that is because the economy right now is incredibly strong,” Janzen said, noting that the economic recovery from the pandemic was much faster than expected.tap here to see other videos from our teamA preliminary estimate for second-quarter GDP points to 4.6 per cent annualized growth, up from 3.1 per cent for the three months of the year.
The strength of the Canadian economy will have implications on the Bank of Canada’s next key interest rate decision, as it aims to cool high inflation. With the inflation rate at a 39-year-high of 8.1 per cent, the central bank said it will continue to raise the cost of borrowing to decrease demand in the economy, hoping it can bring down inflation without triggering a recession.Article content
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Canadian economy avoids contraction, holds steady in MayThe Canadian economy stayed flat in May, with real gross domestic product showing neither growth nor contraction after a 0.3 per cent expansion in April.
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