Canada is enjoying a strong bounce back from the low it hit in April 2020 and making up close to half of the historic drop at the COVID-19 pandemic height. The economy grew by 4.5 percent in May and June was even more robust with an estimated five percent increase.
Statistics Canada reported 17 of the Canadian economy’s 20 sectors saw an increase, but the goods-producing sector sprung back, especially robust, up eight percent. The entertainment sector is seeing some strength since the restart of the NHL, where both hubs are located in Canada. Construction also recorded a strong comeback, with an increase of 18 percent in activity.
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The Statistics Canada report confirms the economy has been and still is experiencing a sharp recovery since territories and provinces are reopening parts of their economies after the nationwide lockdown.
Claire Fan, a Royal Bank of Canada economist said the “bounce-back” over May and June is stronger than predicted. The growth was fueled by the easing measures taken to stop the spread of the disease, and also the support that was given by the Canadian government to assist household incomes.
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