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Canada’s economy grows 4.5 percent in May

Statistics Canada announced on Friday that the country’s gross domestic product (GDP) grew 4.5 percent m-o-m in May, following no 11.7 percent m-o-m decline in April. 

This was above economists’ forecast for a 3.5 percent m-o-m growth and was the largest monthly increase since the series began in 1961.

According to the report, both goods-producing (+8.0 percent m-o-m) and services-producing industries (+3.4 percent m-o-m) rebounded in May, with 17 of 20 industrial sectors recording gains in output. Construction surged 17.6 percent m-o-m in May, while retail trade grew 16.4 percent m-o-m (the largest monthly increase on record), the manufacturing sector rose 7.4 percent m-o-m, wholesale trade increased 6.0 percent m-o-m, the health and social services went up 3.3 percent m-o-m and the transportation and warehousing sector advanced 1.7 percent m-o-m.

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