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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.

According to its July Monetary Policy Report, the Central Bank projects that the economy will grow 1.1% in 2015 and 2.3% in 2016. FocusEconomics Consensus Forecast panelists expect the economy to grow 1.7% in 2015, which is down 0.2 percentage points from last month’s estimate. For 2016, the panel expects the economy to expand 2.2%.


Author:, Economist

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Canada GDP Chart


Canada Monthly GDP May 2015

Note: Month-on-month changes of seasonally-adjusted GDP and year-on-year variation in %.
Source: Statistics Canada (SC) and FocusEconomics calculations.


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