- Canada’s economy shrinks as expected in May
Market news
Canada’s economy shrinks as expected in May
Statistics
Canada announced on Friday that the country’s gross domestic product (GDP) fell
0.3 percent m-o-m in May, following a revised 0.5 percent m-o-m drop in April (originally
a 0.3 percent m-o-m decrease).
This was
in line with economists’ forecast for a 0.3 percent m-o-m decline. Total
economic activity was approximately 2 percent below its pre-pandemic level.
In
y-o-y terms, the Canadian GDP surged 14.6 percent in May.
According
to the report, both services-producing (-0.2 percent m-o-m) and goods-producing
industries (-0.4 percent m-o-m) posted declines in May. Overall, 12 of the 20
industrial sectors were down.
It
was also reported that preliminary data indicates an approximate 0.7 percent
m-o-m advance in real GDP for June.
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