Statistics Canada is preparing to release its latest economic report for May, along with a preliminary overview of the second quarter. The early estimate from the federal agency shows a 0.4% growth in real gross domestic product (GDP) in May, driven by the manufacturing and wholesale trade sectors. In comparison, April’s reading indicated little change in the economy, while it experienced a slight 0.1% growth in March. The Bank of Canada has been implementing interest rate increases to manage the pace of economic growth and maintain inflation within its target range.
Recently, on July 12, the Bank of Canada raised its key rate by a quarter of a percentage point to five percent, marking the highest level since 2001. Future rate decisions, including the next one on September 6, will be influenced by economic data.
Source: Global News
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