In May, Canada’s GDP is expected to have increased by 0.1%, driven by sectors such as manufacturing, real estate, rental and leasing, and finance and insurance. However, retail trade and wholesale trade experienced decreases. This puts the Canadian economy on track to exceed the Bank of Canada’s second quarter annualized growth forecast of 1.5%.
In April, Canada’s gross domestic product (GDP) increased by 0.3%, in line with market expectations. This growth was driven by sectors such as wholesale trade and manufacturing, rebounding from zero growth in March. This growth was the fastest since January, with the mining, quarrying, oil and gas extraction, and manufacturing sectors leading the way.
Preliminary estimates for May suggest that the GDP likely increased by 0.1%. Sectors such as manufacturing, real estate, rental and leasing, and finance and insurance saw growth, while retail trade and wholesale trade experienced decreases. This puts the Canadian economy on track to exceed the Bank of Canada’s second quarter annualized growth forecast of 1.5%.
In April, 15 out of 20 sectors saw growth, with retail trade contributing to growth after two consecutive monthly declines. Construction