Baystreet.ca - Canada’s economic growth slowed to 0.2% in May of this year following a 0.3% increase recorded in April.
Statistics Canada said that real gross domestic product (GDP) benefitted in May from goods-producing industries that gained 0.4% during the month.
In all, 15 of 20 economic sectors across Canada expanded in May while five sectors contracted.
In preview, Statistics Canada said that preliminary indications show the Canadian economy grew 0.1% in June of this year, continuing the deceleration seen in recent months.
With the preliminary June data included, indications are that Canada’s economy grew 0.5% in this year’s second quarter.
The June and Q2 inflation readings will be revised by the federal statistics agency before final numbers are released in August.
During May, the manufacturing sector advanced 1%, rising for a second consecutive month.
However, that gain was partially offset by the mining, quarrying and oil and gas extraction sector that contracted 0.6% in the month.
The retail trade sector was the largest detractor to growth in May, contracting 0.9%, followed by wholesale trade that fell 0.8% during the month.
Economic activity in finance and insurance grew for a second straight month, increasing 0.2%, and the public sector increased for a fifth consecutive month, up 0.4% in May.