By Canadian Press

Statistics Canada set to release May GDP reading

Jul 31, 2020 | 2:04 AM

OTTAWA — Statistics Canada will say this morning how the economy fared in May and provide its preliminary estimate for June to give a picture of the first half of a year marked by the COVID-19 pandemic.

The pandemic has already given the worst back-to-back monthly readings over March and April, with drops of 7.2 per cent and 11.6 per cent, respectively.

Last month, Statistics Canada’s initial estimate for May pointed to growth of three per cent in line with a small increase in jobs numbers during the same month.

Financial data firm Refinitiv says the average economist estimate is for a 3.5 per cent increase in gross domestic product for May.

The agency says it will provide an initial estimate for June as well as the second quarter, following a historically bad quarter over the first three months of the year.

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The Bank of Canada’s most recent economic outlook expected the second quarter of 2020 to be worse than the first, estimating a three-month drop in GDP of 14.6 per cent.

Overall, the central bank expected an economic contraction of 7.8 per cent this year, warning that a recovery will be long and bumpy with some businesses and jobs not surviving the downturn.

This report by The Canadian Press was first published July 31, 2020.

The Canadian Press