Canadian Monthly Economic Growth (May 2024) – July 31st, 2024
Posted by Adam Chahl on
Canadian real GDP grew 0.2 per cent in May, following a 0.3 per cent increase in April. The growth was driven by goods-producing industries (+0.4 per cent), in which 4 of 5 sectors grew, led by manufacturing (+1 per cent) and agriculture, forestry, fishing and hunting (+0.9 per cent). However, the mining, quarrying, and oil and gas extraction sector contracted by 0.6 per cent in May, entirely driven by a 2.1 per cent decrease in the oil and gas extraction subsector. Service producing industries grew by 0.1 per cent, with both retail trade and wholesale trade contracting by 0.9 per cent and 0.8 per cent, respectively. Finally, the GDP for the offices of real estate agents and brokers grew by 0.17 per cent in May. Preliminary estimates suggest that output…
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