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Canada’s GDP rose 0.3% in May, edging past expectations

Statistics Canada reported May growth of 0.3% month-on-month, with 13 of 20 industries increasing, including goods up 0.6% and services up 0.2%.

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Canada’s economy expanded in May, with GDP rising 0.3% month-on-month, according to data cited by Action Forex. The reading was slightly stronger than Statistics Canada’s advanced guidance, which was 0.1% lower.

Action Forex said the gain was broad-based across industries, with 13 of 20 sectors posting increases on the month. Goods industries rose for a second straight month, up 0.6% month-on-month.

The services sector grew more modestly, up 0.2% month-on-month, while agriculture was the notable drag, down 0.9% month-on-month.

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