Canadian Real Gross Domestic Product Unchanged from April

Statistics Canada (StatsCan) reported on Friday (6-30-23), that real gross domestic product (GDP) in Canada, was unchanged in April, following a modest uptick of 0.1% in March. The goods-producing industries inched up 0.1%, while service-producing industries were essentially unchanged. Overall, 11 of 20 industrial sectors posted increases in April.

A closer look at construction sector in April reveals that construction activity grew at 0.4%, as lower residential building construction, which was down 0.8% due to declines in single family detached homes, offset broad-based increases in non-residential construction – up 1.4%  and engineering other construction activities – up 1.1% in April.

StatsCan reports that advance information indicates that real GDP increased 0.4% in May. Growth was led by the manufacturing and wholesale trade sectors, as well as by office of real estate agents and brokers. There was also a rebound in federal government public administration with the exception of defense. These increases were partially offset by decreases in the mining, quarrying, and oil and gas extraction sector, as well as the utilities sector.  Due to its preliminary nature, these estimates will be updated on July 28, with the official release of GDP data for May.