December 6, 2022

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Canada GDP for May -0.3% vs -0.3% estimate

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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 AprilĀ (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 servicesĀ +0.4%
  • accommodations and food services felt -2.4% versus -4.3% April
  • utilities rose 0.5%
  • wholesale felt -0.6%

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