ISTANBUL: Canada’s real gross domestic product (GDP) grew 0.2% in May, the country’s statistical body said Wednesday.
“Real gross domestic product (GDP) grew for the fourth time in five months,” Statistics Canada said in a statement.
The figure was slightly higher than expectations of 0.1%, after showing 0.3% growth in April.
In May, 15 of 20 sectors showed increases, while the manufacturing sector led the growth with a 1% gain, rising for a second consecutive month.
“The increase in May was the largest since January 2023 as both durable and non-durable manufacturing rose in May 2024,” said the statement.
Statistics Canada said non-durable goods manufacturing expanded 1.4% in May, recording its highest growth rate since November, with more than half of the increase coming from petroleum and coal product manufacturing.
The petroleum and coal manufacturing sub-sector rose 7.3% in May, its largest increase since June 2021, as petroleum refineries expanded 7.9%, more than offsetting a 5% in April when many
refineries across Canada were undergoing maintenance.
Durable goods manufacturing, meanwhile, saw an expansion of 0.7% in May, as six of 10 sub-sectors posted increases, according to Statistics Canada.
The furniture and related products and miscellaneous manufacturing sub-sectors contributed the most to growth in durable goods manufacturing, with gains of 4.6% and 4.7%, respectively, it said.
“Despite increases in two of three subsectors, the mining, quarrying and oil and gas extraction sector contracted 0.6% in May, partially offsetting a 2.1% increase in April,” said the statement.
The oil and natural gas extraction subsector contracted 2.1%, after three consecutive monthly increases.
“Oil sands extraction was down 3.5%, its largest contraction since January 2024, as maintenance at some upgrading facilities in northern Alberta contributed to the decline,” said the statement.
Oil and natural gas extraction, except oil sands, fell 0.6% in May as lower natural gas extraction more than offset an increase
in crude petroleum extraction, said the agency.
Pipeline transportation, meanwhile, increased 0.6% in May.
“The crude oil and other pipeline transportation industry rose 1.5%, reflecting in part commencement of the expanded Trans Mountain pipeline as the first tankers carrying Western Canadian oil departed from the Port of Vancouver in late May,” it said.
Source: Anadolu Agency