Economy Holds Steady In May: StatCan | RiseNB

Economy Holds Steady In May: StatCan

Economic growth in Canada was unchanged during the month of May following a 0.3 per cent expansion in April.

That is according to the latest real gross domestic product (GDP) figures released by Statistics Canada on Friday.

“Growth in services-producing industries (+0.4%) was offset by a decline in goods-producing industries (-1.0%), as 14 of 20 industrial sectors increased in May,” said the agency

The transportation and warehousing sector rose 1.9 per cent in May, up for the fourth month in a row.

While the accommodation and food services sector was also up for the fourth month in a row by 1.9 per cent.

The manufacturing sector contracted 1.7 per cent following seven consecutive months of growth.

Also down for the second month in a row was the construction sector, which shrank 1.6 per cent.

StatCan said the wholesale trade sector rose 0.7 per cent, the first increase in four months. Agriculture, forestry, fishing and hunting rose 1.6 per cent, while mining, quarrying and oil and gas extraction edged down 0.1 per cent.

Meanwhile, StatCan said preliminary information suggests the economy grew by 0.1 per cent in June.

“On a quarterly basis, this advance information for real GDP by industry indicates a 1.1% increase in the second quarter of 2022,” said the agency.

Those numbers will not be confirmed until the next GDP update in late August.

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