ADVERTISEMENT

Canada's GDP remains steady following 0.3 percent growth in April

GDP across most industries neither rose nor fell in May, with growth in service-producing industries being offset by declines in goods-producing industries.

ADVERTISEMENT
Image
Jarryd Jaeger Vancouver, BC
ADVERTISEMENT
ADVERTISEMENT

Since the beginning of the year, Canada's gross domestic product has been slowing in growth, going from gains of 0.9 percent in February to 0.3 percent in April.

A new report from Statistics Canada found that GDP remained steady in from April through May, plateauing at just over $2 trillion.

According to Statistics Canada, GDP across most industries neither rose nor fell in May, with growth in service-producing industries being offset by declines in goods-producing industries.

Notable exceptions were Arts, entertainment and recreation, which saw 2.6 percent growth, as well as transportation and warehousing, whose growth was measured at 1.9 percent.

While the transportation sector is experiencing the highest consecutive four-month increases since 1997, due in large part to an uptick in air transport, it is still around 7 percent below pre-pandemic levels of February 2020.

On the flipside, both industrial production and manufacturing saw declines of 1 and 1.7 percent respectively, the first time the sectors have gone negative in eight months.

Construction also contracted for the second month in a row, which Statistics Canada said was influenced by the fact that many of Ontario's unionized construction workers were on strike in May, halting or delaying many ongoing projects.

The sector that slid the furthest, however, was Management of companies and enterprises, which posted a decline of 4.7 percent.

As Global News reports, despite the plateauing of overall GDP, there are expectations that Canada's economy will grow in Q2 2022. This, in turn, has led many to predict another hike in interest rates by the Bank of Canada.

On July 13, the BoC increased the key interest rate to 2.5 percent, up 1 percent from their previous announcement in June.

ADVERTISEMENT
ADVERTISEMENT
N/A by N/A is licensed under N/A

Join and support independent free thinkers!

We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.

Support The Post Millennial

Remind me in September

We will use this to send you a single email in September 2020. To find out what personal data we collect and how we use it, please visit our Privacy Policy

ADVERTISEMENT
ADVERTISEMENT
By signing up you agree to our Terms of Use and Privacy Policy
ADVERTISEMENT
© 2022 The Post Millennial, Privacy Policy