RTTNews - Canada's real gross domestic product (GDP) increased 0.1% as expected in June, the first monthly increase in eleven months, according to official data released by Stats Canada on Monday.
For the second quarter as a whole, GDP shrank at an annual rate of 3.4%, compared with a contraction of 6.1% in the first three months of 2009.
Increased purchases of motor vehicles pushed consumer spending higher in the second quarter, while a rebound in housing resales sparked activity in the residential real estate market. Exports of goods and services and business investment in machinery and equipment were both down, but not as sharply as in the first quarter.
Consumer spending on goods and services advanced 0.4%. Increased spending on durable goods (+1.5%), particularly motor vehicles, contributed to the second quarter gain. Increased spending on financial services, mostly on mutual funds and on stock and bond commissions, contributed to the growth in services (+0.4%).
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