OTTAWA, July 30 (Reuters) – The Canadian economy most likely grew 0.7% in June as businesses reopened after closings to fight the coronavirus pandemic, Statistics Canada said on Friday.
“Growth in retail, as well as in the hotel and restaurant sectors, was impacted by the relaxation of public health measures in many provinces in June,” said Statscan. There was also growth in manufacturing and mining, in the quarry and in oil and gas production.
Statscan also released a flash estimate that said annualized growth would be 2.5% in the second quarter. This is above the Bank of Canada’s forecast of 2.0% published on July 14.
The economy contracted 0.3% in May, in line with a forecast by analysts polled by Reuters.
In May, 12 of 20 industrial sectors were down, with the service sector down 0.2% and the goods manufacturing sector down 0.4%.
Reporting by David Ljunggren; Editing by Alex Richardson and Jane Merriman
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