In May, GDP contracted a seasonally adjusted 0.3%, below April's flat reading and contrasting market expectations of a 0.1% increase. On an annual basis, GDP decelerated from the 2.8% increase observed in April to a 2.2% expansion in May. Consequently, the annual average growth rate moderated from 3.5% in April to 3.4% in May. The disappointing May print mainly reflected a contraction in mining, oil and gas extraction, which declined 5.3% over the previous month due to unfavourable weather as well as several maintenance shutdowns at oil fields. On the other hand, within service-providing industries, finance, insurance and real estate services, which account for approximately 20% of GDP, expanded 0.2% in May. Moreover, wholesale trade rebounded from April's 0.7% contraction and advanced 1.0% in May. The Central Bank revised its forecasts in July and projects the economy to grow 2.8%, before decelerating to expand 2.6% in 2012.
GDP shrinks in May
July 29, 2011
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Canada Economic News
October 21, 2016
In September, seasonally-adjusted consumer prices increased 0.2% from the previous month, which contrasted the 0.1% decrease recorded in August and marked the highest print in three months.
October 19, 2016
At its 19 October policy meeting, the Bank of Canada (BoC) decided to maintain its target for the overnight rate at 0.50%, despite a weaker inflation and growth outlook.
October 11, 2016
The Teranet-National Bank National Composite House Price index rose 0.7% in September from the previous month, which followed the 1.5% increase in August.
October 8, 2016
Seasonally-adjusted annualized housing starts registered 220,600 units in September, according to the government-owned Canada Mortgage and Housing Corporation (CMHC).
October 7, 2016
The Ivey Purchasing Managers’ Index (PMI), sponsored by the Richard Ivey School of Business and the Purchasing Management Association of Canada, increased a seasonally-adjusted 6.1 points in September, rising from 52.3 in August to 58.4.