Canadian Economy Grows by 0.1%

Statistics Canada reported today that the Canadian economy grew by 0.1 percent in May. A jump in the cost of oil and gas was mostly responsible for the increase. Most other areas of the economy were flat, or actually lost ground, including construction which fell 1.6 percent, while the services industry declined 0.1 percent.

Sales of existing homes fell significantly in several parts of the country in May, resulting in an 11.3 per cent decrease in the output of real estate agents and brokers. It was the fifth consecutive monthly decline in this industry.

Source: The Canadian Press

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