Canadian Economy Contracts For Second Straight Month In May - Statistics Agency

Canadian Economy Contracts for Second Straight Month in May - Statistics Agency

Canadian economic output declined for a second straight month in May, with the economy contracting by 0.3 percent, the state statistics agency said on Friday

WASHINGTON (UrduPoint News / Sputnik - 30th July, 2021) Canadian economic output declined for a second straight month in May, with the economy contracting by 0.3 percent, the state statistics agency said on Friday.

"Real gross domestic product (GDP) contracted 0.3 percent in May, following a 0.5 percent decline in April," Statistics Canada said in its monthly economic report.

In total, 12 out of 20 economic sectors saw a decline in output, led by construction, retail and manufacturing industries, the report said.

The losses were partially offset by the public and finance sectors, which grew by 0.

7 and 0.4 percent, respectively, the report added.

The Canadian economy is approximately 2 percent below pre-coronavirus pandemic levels, according to the agency, widening the gap from the 1 percent difference observed a month earlier.

Preliminary data indicates that economic activity increased by 0.7 percent in June.

Canada expects its GDP and employment levels to reach pre-pandemic levels at some point during 2021, according to the Federal budget delivered in April.