Investing.com - Canada's economy grew more than expected in May, easing concerns over the country’s economic outlook, official data showed on Thursday.
In a report, Statistics Canada said gross domestic product expanded by a seasonally adjusted 0.4% in May, above forecasts for growth of 0.3%. Canada’s economy expanded by 0.1% in April.
Canada’s gross domestic product expanded at an annualized rate of 2.3% in May, in line with expectations and following growth of 2.1% in the preceding month.
Following the release of the data, the Canadian dollar was lower against its U.S. counterpart, with USD/CAD rising 0.21% to trade at 1.0923.