Statistics Canada is set to release today its latest reading on how the economy fared in May, as well as a preliminary glimpse for the second quarter. Statistics Canada's offices at Tunney's Pasture in Ottawa are shown on Friday, March 8, 2019. THE CANADIAN PRESS/Justin Tang
OTTAWA – Statistics Canada is set to release today its latest reading on how the economy fared in May, as well as a preliminary glimpse for the second quarter.
The federal agency’s early estimate suggests real gross domestic product grew 0.4 per cent in May, driven in part by the manufacturing and wholesale trade sectors.
That compares with an April reading that showed the economy was virtually unchanged, while it grew a slight 0.1 per cent in March.
The Bank of Canada has been working to slow the economy by raising interest rates in an effort to bring inflation back within its target range.
It most recently raised its key rate on July 12 by a quarter of a percentage point to five per cent, the highest it’s been since 2001.
The Bank of Canada has said that future rate decisions, including its next one on Sept. 6, will be dependent on what economic data shows.
This report by The Canadian Press was first published July 28, 2023.
