By Canadian Press

Statistics Canada to release its latest reading on economic growth this morning

Jul 29, 2022 | 2:01 AM

OTTAWA — Statistics Canada will release its latest reading on economic growth this morning. 

The agency is set to release gross domestic product figures for the month of May and a flash estimate for the second quarter of 2022. 

Real GDP grew by 0.8 per cent in the first quarter of this year, a slowdown from the previous two quarters. 

Statistics Canada’s preliminary estimate points to a slight decline of 0.2 per cent in May.

The latest GDP reading will have implications on the Bank of Canada’s future interest rate hikes, as the central bank aims to cool high inflation. 

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On Thursday, the U.S. Commerce Department said the U.S. economy contracted for a second consecutive quarter, but CIBC economists expect growth to bounce back over the remainder of the year. 

This report by The Canadian Press was first published July 29, 2022.

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