Canada's monthly GDP report for May 2020
- Prior was -17.1% y/y
- GDP +4.5% m/m vs a record -11.6% in April
- Goods +8.0% m/m
- Services +3.4% m/m
- Preliminary estimate of +5% in June
- Preliminary estimate of -12% in Q2 (not annualized)
- Construction +17.6% m/m in May
- Retail trade +16.4% m/m including +68.6% in autos
- Full report
There was no reaction in the Canadian dollar to the report. The market is looking beyond Q2 and struggling with questions about what the economy looks like coming out of the pandemic, and what export demand will be.
