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Canada`s Economy expands 0.1% in May
OTTAWA -- Canada`s economy grew 0.1 per cent in May, led by the oil and gas extraction sector, Statistics Canada said Friday.
Most economists had expected growth of between 0.1 and 0.2 per cent for the month.
"Goods-producing industries rose 0.6 per cent, led by oil and gas extraction," the federal agency said. "Construction and utilities fell back, while manufacturing activity edged up.
Retail activity rose 0.3 per cent in May, with increases at clothing and accessories outlets, as well as food and beverage stores.
"Decreases were recorded in building and outdoor home supplies stores, mirroring the weakness in construction, and by used car dealers," the agency said.
After posting annualized growth of 4.9 per cent in the final quarter of last year and 6.1 per cent in 2010s first quarter, the central bank now expects gross domestic product to expand just three per cent for the three-month period ended June 3.
Read the full article here.
OTTAWA -- Canada`s economy grew 0.1 per cent in May, led by the oil and gas extraction sector, Statistics Canada said Friday.
Most economists had expected growth of between 0.1 and 0.2 per cent for the month.
"Goods-producing industries rose 0.6 per cent, led by oil and gas extraction," the federal agency said. "Construction and utilities fell back, while manufacturing activity edged up.
Retail activity rose 0.3 per cent in May, with increases at clothing and accessories outlets, as well as food and beverage stores.
"Decreases were recorded in building and outdoor home supplies stores, mirroring the weakness in construction, and by used car dealers," the agency said.
After posting annualized growth of 4.9 per cent in the final quarter of last year and 6.1 per cent in 2010s first quarter, the central bank now expects gross domestic product to expand just three per cent for the three-month period ended June 3.
Read the full article here.