Canada GDP grew 4.5% mom in May, better than expectation of 3.1% mom. Both goods-producing (8.0%) and services-producing industries (3.4%) were up, as 17 of 20 industrial sectors posted increases.
StatCan also said based on preliminary information, real GDP would grow 5% in June. Output across several industrial sectors, including manufacturing, retail and wholesale trade, construction, transportation, accommodation and food services, and the public sector, increased. For Q2, flash estimates points to an approximate -12% decline.