Jul 29, 2022
By Jeremy Logan
Statistics Canada says the Canadian economy held steady in May, with real gross domestic product remaining unchanged from April.
According to the federal agency, growth in services-producing industries was offset by a decline in goods-producing industries.
The largest declines were seen in construction and manufacturing, while the transportation and warehousing sector saw the largest gains.
The report’s preliminary estimate for second quarter real GDP points to 1.1% growth, outpacing growth in the first quarter.
On an annualized basis, the economy grew by 5.6% compared to May 2021.
The strength of the Canadian economy will have implications on the Bank of Canada’s next key interest rate decision, as it aims to cool high inflation without triggering a recession.