Ottawa, Canada (4E) – Canada’s economy grew at four-month high in May, led by increases in energy, wholesale and retail trade, manufacturing and construction.
The country’s gross domestic product (GDP), a measure of total of goods and services produced in the economy, climbed 0.4 percent to 1.62tn Canadian dollars ($1.49tn), up from a 0.1 percent gain in each of the previous two months, according to data from Statistics Canada released Thursday.
The increase matches economists’ estimates, according to the Royal Bank of Canada. The economy accelerated to 2.3 percent from 2.1 percent year on year.
Output increased 0.4 percent in the services-producing sector, which is in line with the previous month’s increase. The goods-producing sector bounced back from the prior month’s decline to increase 0.5 percent, the biggest rise since February.