Canada GDP for the month of May
Canada GDP for May came in at -0.3% versus -0.3% estimate. The decline follows a -0.5% decline in April (was -0.3%).
- 12 of the 20 industrial sectors or down
- services producing -0.2%
- goods producing -0.4%
- preliminary information indicates a 0.7% increase in real GDP for June
- construction felt -2.3% increasing the prior five months
- real estate and rental and leasing felt -0.4% versus -0.8% in April. This is the first back-to-back decline in the sector cents March/April 2020
- retail trade felt -2.7% versus -5.7% drop in April. Nine of 12 subsectors contracted in May. Store closures contributed to the decline
- manufacturing sector fell for the third time in four months -0.8% with both durable and nondurable manufacturing falling. Nondurable fell -0.9% led by a fall in food at -2.5% and chemicals -3.2%. Durable manufacturing felt -0.8% versus -0.1% in April with six of 10 subsectors down. Fabricated metal products felt -3.4% machinery fell -2.6%
- mining quarrying and oil and gas grew 2%
- public sector rose 0.7% versus -0.5% in April
- finance insurance +0.4% and up for the fourth time five months
- transportation and warehousing felt -1.4%
- professional scientific and technical services +0.4%
- accommodations and food services felt -2.4% versus -4.3% April
- utilities rose 0.5%
- wholesale felt -0.6%
For the full report, CLICK HERE