Statistics Canada says the economy grew by 4.5 per cent in May following two months of unprecedented declines.
The increase in GDP came around the time that provinces and territories began reopening parts of their economies.
Construction rose by 17.6 per cent, retail trade grew by 16.4 per cent and manufacturing rebounded by 7.4 per cent.
Preliminary information from the agency also indicates a five per cent increase in GDP for the month of June.
Gross domestic product by industry, May 2020: https://t.co/Lf63REQ4tt pic.twitter.com/La3JQ6CaBi
— Statistics Canada (@StatCan_eng) July 31, 2020
But despite two months of increases, Statistics Canada estimates the economy contracted by 12 per cent in the second quarter.
The estimates will be updated when the official GDP for June and the second quarter are released in late August.
South of the border, a much different economic update was delivered this week as the United States economy experienced its largest decline since the U.S. government began keeping records in 1947.
Numbers released Thursday by the Bureau of Economic Analysis tracking of real gross domestic product showed the U.S. economy shrank at a 32.9 per cent annual rate between April and June.
(Photo: Bureau of Economic Analysis)
Follow
