In its latest report on economic growth, the federal agency's preliminary estimate suggests real gross domestic product grew at an annualized rate of one per cent in the second quarter
OTTAWA — The Canadian economy grew by 0.3 per cent in May despite downward pressure from wildfire-hit oil and gas production but it looks to have slowed in June, Statistics Canada said Friday.The May figure came in slightly lower than was expected by Statistics Canada as mining and oil and gas companies reduced their operations in Alberta at the outset of the record-breaking wildfire season.
"The resilience in consumer demand we’ve seen to date is not to be overlooked, adding to sticky inflation pressures. But momentum in services spending also appears to be waning – gross sales at food services and drinking places have been trending at levels below this January for months," she wrote. Both sectors saw growth in May as supply chain issues related to semiconductor chips eased, but the downward trend in June is expected to “more than offset the increases recorded in May,” the agency said.
In May, home resales in most of Canada’s largest markets led to an industry increase of 7.6 per cent. But the the pullback in June will likely help support a hold on the Bank of Canada's key policy rate in September after announcing a hike this month, said Ercolao.
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