Mon, 18 Oct 2021

Canada's GDP continues down in May

Xinhua
31 Jul 2021, 05:30 GMT+10

© Provided by Xinhua

Canada's total economic activity was approximately 2 percent below the pre-COVID-19 pandemic level in February 2020.

OTTAWA, July 30 (Xinhua) -- Canada's real gross domestic product (GDP) fell 0.3 percent in May, following the previous month's 0.5 percent decline, according to Statistics Canada on Friday.

The country's total economic activity was approximately 2 percent below the pre-COVID-19 pandemic level in February 2020.

Overall, 12 of 20 industrial sectors were down as both services-producing sector which lost 0.2 percent and goods-producing sector which decreased 0.4 percent.

However, Statistics Canada said the Canadian economy appears to have grown in the second quarter of the year despite two months of setbacks.

It estimated that the economy grew at an annualized rate of 2.5 percent between April and June.

The estimate points to an approximate 0.6 percent increase in real GDP in the second quarter of 2021. Because of their preliminary nature, these estimates will be revised on Aug. 31, with the release of the official GDP data for the June reference month and the second quarter of 2021.

Earlier this month, the Bank of Canada forecast that the economy would grow at an annualized rate of 2 percent in the second quarter, down from its earlier estimate of 3.5 percent, due to restrictions against the COVID-19 pandemic.

Canada's retail fell 2.7 percent in May after a drop of 5.7 percent in April as the sector was affected by restrictions on in-person shopping meant to combat the third wave of COVID-19.

Growth in retail trade and accommodation and food services was influenced by the easing of public health measures in many provinces in June.

But there were also gains in manufacturing and mining, quarrying, and oil and gas extraction, while construction and wholesale trade contracted.

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