Macro Snapshot — Canada’s Q1 growth disappoints; China services activities shrink 

Macro Snapshot — Canada’s Q1 growth disappoints; China services activities shrink 

RIYADH: Canada’s first quarter growth reportedly missed the mark mainly due to a drop in export volumes. The Czech economy expanded quicker than expected in the first quarter driven by household consumption whereas China’s services sector activity contracted less sharply in May. Portugal’s May inflation level recorded the highest in almost 30 years, while French inflation hit a new record of 5.8 percent in May. Canada's economic growth was not as robust as expected in the first quarter, dragged by lower export volumes, official data showed on Tuesday, though activity was bang-on central bank projections and unlikely to sway plans for an oversized rate hike in June. The Canadian economy grew at an annualized rate of 3.1 percent in the first quarter, below analyst predictions of 5.4 percent but in line with the Bank of Canada’s forecast of 3 percent, Statistics Canada data showed. Real gross domestic product likely rose 0.2 percent in April, preliminary data showed, as a drop in resale real estate activity was offset by gains in mining and oil and gas. March GDP rose 0.7 percent, beating expectations of 0.5 percent. The Czech economy expanded faster than expected in the first quarter, with household consumption a