Canada GDP contracted -0.3% mom in April, better than expectation of -0.80%. That’s the first contraction after 11 consecutive monthly growth. Total economic activity remains about -1% below its pre-pandemic level in February 2020.
12 of 20 industrial sectors were down. Good producing industries’ 0.5% gain were more than offset by -0.6% mom contraction in services-producing industries.
Preliminary information indicates a further -0.3% mom contraction in real GDP in May.
