The Canadian economy is projected to experience a modest contraction this quarter, though the decline is not as severe as some economists had anticipated.
Preliminary data showed that industry-based gross domestic product decreased by 0.1% in May, aligning with April’s 0.1% drop, according to Statistics Canada’s report released on Friday.
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Canada Economy Set for Contraction in Second Quarter
The Canadian economy is on track for a modest decline this quarter, yet isn’t deteriorating as fast as some economists feared.
Advance data showed industry-based gross domestic product shrank 0.1% in May, matching April’s 0.1% decline, Statistics Canada said Friday.