The following is excerpted from today’s article by the Star.
Canada’s real gross domestic product increased 0.2 per cent in May — the fifth consecutive month of growth for the economy but slightly below analyst expectations.
Service industries — particularly retail and wholesale trade — were behind much of the growth while the resource sector didn’t do as well as economists expected, contracting in May for the second month in a row.
The public sector, accommodation and food services, professional services and real estate services all posted gains. However, transportation and warehousing services were down, Statistics Canada reported.
The agency also says goods production fell 0.3 per cent because of the drop in mining, quarrying, and oil and gas extraction.
There were also declines in utilities, while manufacturing and the agriculture and forestry sector rose and construction remained unchanged in May.
The overall growth was slightly below analyst estimates that GDP would grow by 0.3 per cent from April…
CIBC economist Avery Shenfeld said that the wholesale and retail sectors were healthy, as expected, but factory output rose a bit less than anticipated…
This article is available in its entirety at: http://www.thestar.com/business/economy/2013/07/31/canadas_economy_grew_at_02_per_cent_in_may_statistics_canada_reports.html