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.