Statistics Canada will release its May gross domestic product report this morning. A shopper pushes a shopping carts as they leave a Real Canadian Superstore in Ottawa on Tuesday, June 25, 2024. THE CANADIAN PRESS/Sean Kilpatrick
OTTAWA – Statistics Canada will release its May gross domestic product report this morning.
A preliminary estimate last month suggested the economy grew 0.1 per cent in May.
The federal agency will also publish an estimate for economic growth in the second quarter today.
RBC says it expects the data to show a weakening economy in the second quarter.
High interest rates have slowed economic activity in the country as consumers and businesses pull back on spending.
The Bank of Canada cut interest rates for a second time in a row earlier this month, in part due to weakening economic conditions.
This report by The Canadian Press was first published July 31, 2024.
