OTTAWA (Reuters) - Canadian Finance Minister Jim Flaherty said on Friday he expects solid growth in the Canadian economy despite a contraction in May.
“(We‘re) staying on our economic plan, looking for solid economic fundamentals, solid growth for the Canadian economy, none of the bubbles that we’ve seen in the U.S., particularly in the housing sector,” Flaherty told reporters in televised comments.
The Canadian economy contracted in the first quarter, then rebounded in April but shrank again in May by 0.1 percent. Second-quarter gross domestic product numbers will be released on August 29.
Reporting by Louise Egan; editing by Peter Galloway