Canada's economy grew 0.3% in May and likely contracted in June, data showed on Friday, pointing toward a slowdown that could bring an end to the central bank's monetary tightening campaign that has pushed interest rates to a 22-year high.
The expansion in May was in line with expectations. Gross domestic product in June likely fell 0.2%, Statistics Canada said in a flash estimate.
In addition to raising rates, the Canadian central bank increased its growth forecast for this year, saying that pent-up demand for services and a tight labor marker were among the factors keeping the economy in excess demand. In May, a rebound in wholesale trade and public administration as well as gains in the manufacturing and real estate sectors helped drive economic growth, Statscan said.
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