Starting from May 2018, Canadians wore the biggest smile on their faces when their economy turned better than expected. According to Statscan Canada on 29/7/2018, the real gross domestic product has risen by 0.5% every month on since July 2016.
The Canada economy had gone down by 0.1% in April due to cold temperatures and ice storm in the Eastern half of the country. There were also shutdowns in the oil sands.
The month of May experienced growth as 19 out of 20 industry sectors posted gains. According to earlier economic releases by economists, this turn around had been anticipated. The statements had demonstrated robust recovery in manufacturing, wholesale and retail.
According to economists, there will still be a high point of growth this year during the second quarter because of the impact of US tariffs on Canadian aluminium, and steel.
The report made by the Statscan revealed that the May GDP and goods-producing industries increased by 0.6% each month. On the other hand, the sectors that produce services rose by 0.5%.
There was also again in the mining and gas and oil extraction area as it increased by 1.8% in May after a drop in April. The wholesale and retail trade gained from recovery after the April’s weather-related mishaps. The wholesale businesses increased by 1.4% while the retail activities increased by 2% each month.
Finally, the construction area grew by 0.7% inclusive of a 1.3% increase in residential building. The manufacturing sector had an increase of 0.1%.
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