Canada GDP dropped 0.2% in May

FXStreet (Mumbai) – The official data released in Canada on Friday showed real gross domestic product fell 0.2% in May, the fifth consecutive monthly decrease. The economy had contracted 0.1% in April.

As per the official report, the weakness in May was mainly due to contractions in manufacturing, mining, quarrying, and oil and gas extraction as well as wholesale trade. Manufacturing output contracted 1.7% in May, following no growth in April. Durable-goods manufacturing fell 2.4% in May and Non-durable goods manufacturing was down 0.7% in May.

The output of goods-producing industries fell 0.6% in May, down for a fifth consecutive month. After increasing for three consecutive months, the output of service-providing industries edged down 0.1% in May.

The official data released in Canada on Friday showed real gross domestic product fell 0.2% in May, the fifth consecutive monthly decrease. The economy had contracted 0.1% in April.

(Market News Provided by FXstreet)