Canada GDP up 0.3% MoM in May, slowing from April’s revised 0.6%
Canada’s economy expanded 0.3% month-over-month in May, below the previous month’s upwardly revised 0.6% growth.
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Canada’s gross domestic product (GDP) rose 0.3% in May on a monthly basis, following a revised 0.6% expansion in April, according to Statistics Canada. The prior estimate for April was 0.5%.
The slower pace suggests a cooling in economic activity, which may influence the Bank of Canada’s policy path. The data comes as markets assess the resilience of the Canadian economy amid high interest rates.
The monthly GDP print is a key indicator for the Canadian dollar, which often reacts to growth surprises.
Source: FXStreet Forex News