Statistics Canada announced that the country's real gross domestic product (GDP) grew 0.2% in May, following a 0.3% increase in April.

The goods-producing industries grouping (+0.4%) was the main contributor to the overall growth with four of five sectors increasing in May. Services-producing industries edged up 0.1%. Overall, 15 of 20 sectors expanded in May.

The manufacturing sector (+1.0%) led the growth in May, up for a second consecutive month. The increase in May was the largest since January 2023 as both durable and non-durable manufacturing rose in May 2024.

Despite increases in two of three subsectors, the mining, quarrying and oil and gas extraction sector contracted 0.6% in May, partially offsetting a 2.1% increase in April.

The retail trade sector was the largest detractor to growth in May, contracting 0.9% and more than offsetting the increase recorded the month before.

 

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