Statistics Canada Report Shows Economy Holds Steady In May
SAINT JOHN — Economic growth in Canada was unchanged during the month of May following a 0.3 percent 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 percent) was offset by a decline in goods-producing industries (-1.0 percent), as 14 of 20 industrial sectors increased in May,” said the agency
The transportation and warehousing sector rose 1.9 percent 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 percent.
The manufacturing sector contracted 1.7 percent following seven consecutive months of growth.
Also down for the second month in a row was the construction sector, which shrank 1.6 percent.
StatCan said the wholesale trade sector rose 0.7 percent, the first increase in four months. Agriculture, forestry, fishing and hunting rose 1.6 percent, while mining, quarrying and oil and gas extraction edged down 0.1 percent.
Meanwhile, StatCan said preliminary information suggests the economy grew by 0.1 percent 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.
Brad Perry is the news director with Country 94 and 97.3 The Wave, Huddle content partners.