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Canada's GDP bounced back in May, but it was still 15% below where it was before COVID-19

Canada's GDP bounced back in May, but it was still 15% below where it was before COVID-19
Canada's GDP bounced back in May, but it was still 15% below where it was before COVID-19

اخبارالعرب 24-كندا:الجمعة 31 يوليو 2020 09:44 صباحاً Canada's economy expanded by 4.5 per cent in May, a strong bounceback from the low hit in April, but still 15 per cent below the level it was at in February, before COVID-19 hit.

Statistics Canada reported Friday that Canada's gross domestic product — the total value, in dollars, of all the goods and services produced by the economy during the month — came in at a little more than $1.7 trillion. That's up from April's level of $1.62 trillion, but still well shy of the $1.99 trillion worth of economic activity the country churned out in February.

The data agency says 17 of the 20 sectors of the economy it tracks grew, but goods-producing industries bounced back especially strongly, up 8 per cent. The service sector's gain was comparatively lower, at 3.4 per cent.

The only parts of the economy that shrank again were management, public administration, and the arts and entertainment sector.

The construction industry posted the biggest gain, as activity came roaring back up 17.6 per cent after being shut down in March and April. Retail also boomed, with sales up 16.4 per cent. May was the biggest monthly expansion for both those industries since record-keeping began in 1961.

Economists had been expecting a rebound of about 3.5 per cent, so May's numbers were better than expected. And the agency says preliminary data for June is even better, up five per cent from May's level.

But the numbers underline just how long the road back from COVID-19 is for Canada's economy. Output is still 15 per cent below where it was.

More to come

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