Canada’s GDP contracted by -0.1% mom in May, marking a second consecutive monthly decline and aligning with expectations.
The decline was driven by weakness in goods-producing sectors, particularly a pullback in mining, quarrying, and oil and gas. While manufacturing managed to expand, services output was flat overall. Only 7 out of 20 industries registered growth.
However, there may be some relief on the horizon—Statistics Canada’s advance estimate suggests GDP rose 0.1% in June, with strength in retail and wholesale trade partially countered by a dip in manufacturing.
