OTTAWA –
The Canadian economy continued to keep its head just above water in May, growing 0.2 per cent, led by expansions in manufacturing and the public sector.
Statistics Canada’s gross domestic product report on Wednesday said retail and wholesale trade as well as the oil and gas sector weighed on growth.
However, it highlighted the Trans Mountain pipeline expansion’s contribution to economic growth that month.
“The crude oil and other pipeline transportation industry rose 1.5 per cent, reflecting in part commencement of the expanded Trans Mountain pipeline as the first tankers carrying Western Canadian oil departed from the Port of Vancouver in late May,” the report says.
Economists noted while the latest data came in slightly stronger than expected, it reaffirms the fact that economic growth is tepid, warranting a continued reduction in interest rates from the Bank of Canada.
The federal agency estimates that growth was tempered slightly in June …