Canada's GDP Shrinks in May, Likely to Avoid Contraction in Second Quarter

Canada's Gross Domestic Product met expectations and shrank 0.1% in May on a monthly basis, but it is likely to regain the lost output in June led by a rebound in some sectors, data showed on Thursday.

An advanced estimate showed the GDP is likely to expand by 0.1% in June, and on an annualized basis it could a post a growth of 0.1% in the second quarter, Statistics Canada said.

A likely growth in the second quarter, which is contrary to most expectations of an expected contraction, could change when the final numbers are released next month...

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