Daily Update (Source: RBC Financial Group
Canadian GDP rebounds in May
Jul 31, 2014
- May 2014 gross domestic product (GDP) rose by a solid 0.4%, which was up from the 0.1% gain in April.
- The bounce in growth mainly reflected growth in goods-producing industries rising by 0.5%, which more than offset the 0.4% decline in April.
- Service-producing industries grew by a solid 0.4%, which matched a similar-sized increase in April.
- The strengthening in May GDP was encouraging after the disappointing gain in April. This pick-up in monthly growth was slightly stronger than what was assumed in our forecast, thereby implying annualized second-quarter 2014 growth closer to 2.5%, which compares to our previously estimated second-quarter growth rate of 2.2% and the 1.2% increase recorded in the first quarter of 2014.
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