Manufacturing, resources lead the charge in GDP growth
by The Canadian Press
Good producing industries ramped up their GDP contributions, with output rising by 0.5 per cent in May after a 0.4 per cent drop in the previous month
GDP growth was better than expected in May as goods-producing industries led the way
OTTAWA—Statistics Canada says the country’s economic output increased in May by 0.4 per cent.
It was the fifth consecutive monthly rise in the real gross domestic product (GDP) and came in better than was expected. Economists had expected a gain of 0.3 per cent, according to Thomson Reuters.
Good producing industries ramped up, with output rising by 0.5 per cent in May after a 0.4 per cent drop in the previous month. The May increases were largely the result of increases in manufacturing, mining and oil and gas extraction. Construction was also up while utilities declined in May.
Service industry growth matched the overall rise, at 0.4 per cent, with most major industrial sub-sectors posting gains.
Statistics Canada says wholesalers and retailers saw noticeable increases, along with the transportation and real estate sectors, warehousing services and professional services.
Public sector output was unchanged for the month, while the finance and insurance sector edged lower.
