• Canada’s economy grows more than expected in May

Market news

31 tháng 7 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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