Canada Sees Early Q2 Economic Rebound Despite Recent Weakness

Statistics Canada is set to release its early look at Q2 economic performance. The agency will report real GDP results for May, which showed a 0.1% rise after a 0.5% advance in April.

This marks the first estimate of where the economy ended up in the second quarter, following two consecutive quarterly declines in real GDP.

The Bank of Canada and most economists were surprised by the mild contraction in the first three months of the year.

However, the central bank now expects real GDP to have rebounded from flat growth with an annualized gain of 2.5% in the second quarter.