Production increases in several Canadian sectors, including manufacturing, commerce, construction, and hotels.
The Canadian economy rebounded in May, posting growth of 4.5% as activity bounced back following two months of sharp declines due to the coronavirus pandemic, the government said on Friday, July 31.
The virus crisis and measures to control its spread caused the Canadian economy to contract sharply in March and April, with historic gross domestic product losses of 7.5% and 11.7%, respectively. Benoit Durocher, economist at Banque Desjardins, said that the drop is equivalent to"a fall of 40% at an annualized quarterly rate" – worse than theRoyce Mendes, an economist at CIBC bank, said the damage was worse in Canada because authorities imposed restrictions sooner and kept them in place longer than the US did.
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