Real gross domestic product (GDP) remained essentially unchanged in May in Canada after rising 0.3% in April.
Over a three-month period, advance information from Statistics Canada indicates that real GDP grew by 1.1% in the second quarter of 2022.
The federal agency explained on Friday that in May, the 0.4% growth recorded in service-producing industries was offset by the 1% decline observed in goods-producing industries. There were increases posted in 14 of the 20 business sectors two months ago.
The transportation and warehousing sector rose 1.9% in May, up for the fourth month in a row, mainly due to the 14.1% growth in the airline sector. Urban transit services rose 8.9% after rising 10.8% in April.
The wholesale trade sector rose 0.7% in May, following three consecutive monthly declines. The agriculture, forestry, fishing and hunting sector also rose in May, by 1.6%, mainly due to an increase in agricultural crops.
On the other hand, the mining, quarrying, and oil and gas extraction sector edged down 0.1% after rising for three consecutive months.
The manufacturing sector fell 1.7% in May, after recording seven months of growth. In this regard, Statistics Canada observed a 5.1% tumble in the manufacture of transportation equipment, largely due to the 21.2% plunge in the manufacture of motor vehicles, under the effect of the shortage continues with semiconductor chips and work being done at some assembly plants.
The construction sector fell for the second consecutive month, down 1.6% in May.
Statistics Canada adds that advance information shows real GDP rose 0.1% in June, driven by higher output in construction, manufacturing, and accommodation and restoration. These estimates will be updated on August 31, when official GDP data are released for the month of June and for the second quarter of 2022.