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- Canadian GDP rose more than expected in May
Canadian GDP rose more than expected in May
Real gross domestic product (GDP) was up 0.5% in May, after increasing 0.1% in April. The rise was widespread as 19 of 20 industrial sectors registered increases.
The output of goods-producing industries rose 0.6%, led by gains in mining, quarrying, and oil and gas extraction. Services-producing industries rose 0.5% as all sectors increased.
The mining, quarrying, and oil and gas extraction sector was up for the fourth month in a row in May, growing by 1.8%.
The oil and gas extraction sub-sector rose 2.5% in May, a sixth increase in seven months. Non-conventional oil was up 5.3% as crude bitumen extraction in Alberta increased following maintenance and capacity-expansion-related shutdowns at some facilities in April. Conventional oil and gas extraction was unchanged as growth in crude oil extraction was offset by a decline in natural gas extraction.
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