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Canada GDP dropped -11.6% mom in April, prelim info points to 3% recovery in May

Canada GDP contracted -11.6% mom in April, slightly better than expectation of -12.3% mom. That followed -7.5% mom decline in March. All 20industrial sectors of the economy were down, producing the largest monthly decline on record since 1961.

Nevertheless, preliminary information indicates an approximate 3% increase in GDP for May as output across server industrial sectors including manufacturing, retail and wholesale as well as the public sector, improved.

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