Canada’s GDP increased slightly in June

Canada’s GDP increased slightly in June

Canada’s real gross domestic product (GDP) rose 0.1% in June after being basically flat in May, Statistics Canada data showed on Wednesday.

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Both service-producing industries (+0.2%) and goods-producing industries (+0.1%) recorded gains in June, and 14 out of 20 industries recorded growth in June.

Due to the easing of health and border restrictions, the number of visitors from overseas countries and the United States entering Canada increased in June. The accommodation and catering sector grew by 0.8%.

The transportation and storage sector edged up 0.1% in June after four months of strong growth. However, air traffic rose 5.6% in June, up for the fifth straight month, “activity has more than doubled since January 2022,” Statistics Canada also pointed out.

For its part, the arts, entertainment and recreation sector rose 1.8% for the fifth straight month.

Conversely, the real estate and rental & leasing services sector declined modestly by 0.1% in June, the fourth straight month.

Statistics Canada also revealed that the country’s real GDP grew 0.8% in the second quarter, mainly due to higher business investment in inventories; Non-residential buildings, machinery and equipment, and household expenditure on services and durable goods. This is the fourth consecutive quarterly increase in real GDP, the federal agency said.