May 2020 GDP Grows; Stats Can Releases Flash Estimates for June and Q2

Statistics Canada today released their May GDP figures, showing growth of 4.5% over April, with 17 of 20 industrial sectors posting increases. Non-residential construction was up 56.7%, as all three subsectors (industrial, commercial and institutional) recorded double-digit increases. The flash estimate for June calls for a further 5% growth as provincial economies continue reopening. However, Q2 GDP is expected to show a 12% decline compared to Q1 (approximately a 40% annualized decline). You can read the article here.