GDP figures expected to show economic costs of Fort McMurray fires

OTTAWA – Statistics Canada is expected to shed light on the economic impact of the wildfires in Fort McMurray, Alta., when it releases GDP figures for May later today.
The disaster, which forced the shutdown of crude operations and led to a 25 per cent drop in Canada’s oilsands output in May, has dimmed economic growth prospects for the second quarter.
In April, the economy saw a whiff of economic growth at 0.1 per cent, though that followed two consecutive months of contraction.
According to Thomson Reuters, economists are expecting to see GDP contract in May by 0.4 per cent.

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