Economics
‘Quick Rebound’: Canada’s Economy Has Recovered Almost Half of Lost Ground
- Output expands about 10% from April recession lows, data show
- Still, second-quarter contraction was worst on record
Shoppers wear protective masks at a mall in Montreal, Quebec, Canada, on Saturday, July 18, 2020.
Photographer: Christinne Muschi/BloombergThis article is for subscribers only.
Canada’s economy has made up almost half of its historic contraction since the height of the pandemic, Statistics Canada reported Friday.
Gross domestic product expanded 4.5% in May, the agency said in its first full release for the month. June was even stronger, with the statistics agency reporting a flash estimate of another 5% increase. Cumulatively, GDP has increased about 10% in the two months, after falling more than 18% in March and April.