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Canada GDP expands for a second straight month in May
May’s 0.3% month-over-month gain beat forecasts of 0.2%, and Statistics Canada’s June advance estimate points to annualized second-quarter growth of 0.8%.
Canada’s economy grew 0.3% month-over-month in May, topping expectations for a 0.2% increase and marking a second consecutive monthly rise, according to Statistics Canada data cited by Action Forex.
Action Forex reports the May growth was broad-based, with 13 of 20 industrial sectors posting gains, as both goods-producing and services-producing activity contributed to the expansion.
The goods-producing sector rose 0.6% in May, led by a 1.0% increase in mining, quarrying and oil and gas extraction, while manufacturing grew 0.3%. On the services side, output increased 0.2%, driven by gains in real estate and rental and leasing, and public administration.
Statistics Canada also estimated real GDP rose another 0.2% in June, implying annualized second-quarter growth of 0.8% based on industry data, Action Forex said.