Statistics Canada announced that Canada's real gross domestic product (GDP) edged down 0.1% in May for the second consecutive month.

The Federal Agency notes the goods-producing industries edged down in May, driven primarily by a contraction in the mining, quarrying and oil and gas extraction sector, while the manufacturing sector expanded in the month.

The services-producing industries were essentially unchanged, as real estate, rental and leasing and transportation and warehousing posted increases while retail trade and public administration contracted. Overall, 7 of 20 industrial sectors expanded in May.

The manufacturing sector grew 0.7% in May, partially offsetting April's 1.8% decline, as higher inventory accumulation largely contributed to the growth. This was the third increase for the sector in five months, with increases recorded in both durable and non-durable goods manufacturing in May.

The mining, quarrying and oil and gas extraction sector contracted 1.0%, following two consecutive monthly increases.

 

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