Canadian economic output declined for a second straight month in May, with the economy contracting by 0.3 percent, the state statistics agency said on Friday
WASHINGTON (Pakistan Point News / Sputnik - 30th July, 2021) Canadian economic output declined for a second straight month in May, with the economy contracting by 0.3 percent, the state statistics agency said on Friday.
"Real gross domestic product (GDP) contracted 0.3 percent in May, following a 0.5 percent decline in April," Statistics Canada said in its monthly economic report.
In total, 12 out of 20 economic sectors saw a decline in output, led by construction, retail and manufacturing industries, the report said.
The losses were partially offset by the public and finance sectors, which grew by 0.7 and 0.4 percent, respectively, the report added.
The Canadian economy is approximately 2 percent below pre-coronavirus pandemic levels, according to the agency, widening the gap from the 1 percent difference observed a month earlier.
Preliminary data indicates that economic activity increased by 0.7 percent in June.
Canada expects its GDP and employment levels to reach pre-pandemic levels at some point during 2021, according to the Federal budget delivered in April.
