GDP rises for fifth consecutive month in May

Country’s economic output increased in May by 0.4 per cent

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 and came in better than was expected. Economists had expected a gain of 0.3 per cent, according to Thomson Reuters.

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.

Good producing industries also 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.




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