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Posted July 31, 2024 8:40 am
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Canada’s GDP grew 1.7% in 1st quarter — What do you need to know?
Canada’s economy kept growing despite a slowing pace through the second quarter of the year, according to preliminary data released Wednesday.
Statistics Canada said May’s real gross domestic product was up 0.2 per cent in the month. Manufacturing led growth in the month with the largest jump seen in the sector since January 2023, offsetting a slowdown in retail.
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The expanded Trans Mountain pipeline came online towards the end of the month, helping to drive up pipeline transportation sector last month.
May’s growth eased somewhat from 0.3 per cent growth in April, but is ahead of the early estimates for 0.1 per cent growth in June. All told, StatCan expects growth was positive in the second quarter of the year.
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Finalized figures for the second quarter of the year will be released at the end of August.
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