• Canada’s economy grows more than expected in May

Market news

31 July 2019

Canada’s economy grows more than expected in May

Statistics Canada announced on Wednesday that the country’s gross domestic product (GDP) grew a seasonally adjusted 0.2 percent m-o-m in May, following a 0.3 m-o-m advance in April.

That was above economists’ forecast for a 0.1 percent growth.

In y-o-y terms, the Canadian GDP rose 1.4 percent in May.

According to the report, the May advance was led by a rebound in manufacturing (+1.2 percent m-o-m), with 13 out of 20 industrial sectors expanding. At the same time, the construction sector rose 0.9 percent m-o-m in May and the transportation and warehousing sector grew 1.0 percent m-o-m. On the contrary, the wholesale trade fell 1.4 percent m-o-m in May, the mining, quarrying and oil and gas extraction sector declined 0.8 percent m-o-m and retail trade reduced 0.4 percent m-o-m.

Overall, goods-producing industries rose 0.6 percent m-o-m, while, services-producing industries edged up 0.1 percent m-o-m.

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