Statistics Canada says the Canadian economy grew by 0.3 per cent in May.
In its latest report on economic growth, the federal agency's preliminary estimate suggests real gross domestic product grew at an annualized rate of 1 per cent in the second quarter.
The modest GDP increase in May was driven, in part, by a rebound in the public administration sector as most federal public servants on strike returned to work by the end of April. However, 35,000 Canada Revenue Agency workers remained on strike for three days in May, which dampened the rebound. The Bank of Canada’s key interest rate is at five per cent, the highest it’s been since 2001. The interest rate spike is expected to slow the economy down, though it has generally performed better than expected this year.
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