Statstics Canada says the economy grew by 4.5 per cent in May as businesses began to reopen after severe lockdowns of March and April
Space available signs are shown on storefronts on Queen Street in Toronto on Thursday, April 16, 2020. COVID-19 worries appear to be easing for some businesses. THE CANADIAN PRESS/Nathan DenetteOTTAWA -- 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.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.
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