Current track

Title

Artist


Economy grew 0.2% in May, StatCan estimates 2.2% annualized growth in Q2

Written by on July 31, 2024

OTTAWA — Statistics Canada says the economy grew 0.2 per cent in May, led by expansions in manufacturing and the public sector.

Meanwhile, retail and wholesale trade as well as the oil and gas sector weighed on growth.

The federal agency estimates growth was tempered slightly in June to 0.1 per cent.

It estimates that for the second quarter, real gross domestic product grew at an annualized rate of 2.2 per cent.

The latest economic growth figures come one week after the Bank of Canada lowered its key interest rate for a second time in a row.

Governor Tiff Macklem said the central bank’s decision was partly driven by weakening economic conditions.

This report by The Canadian Press was first published July 31, 2024.

The Canadian Press