Canada: GDP contracts again in May
July 1, 2015
In May, GDP contracted 0.2% over the previous month. This was down from the 0.1% contraction registered in April and undershot analysts’ expectations of flat growth. According to Statistics Canada, the figure reflected significant contractions in manufacturing, wholesale and mining and oil and gas extraction.
On an annual basis, GDP rose 0.5% in May, which was below April’s 1.2% increase and marked the lowest reading since December 2009. The overall trend slid down slightly as the annual average variation in GDP fell from 2.3% in April to 2.2% in May.
Author: Robert Hill, Economist