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MNI: Canada Economy Shrank in May on Energy and Factories

(MNI) Ottawa
Flash GDP showed 0.2% decline after April gain of 0.3%

Canada’s GDP shrank 0.2% in May led by mines, energy and factories, according to a flash estimate from Statistics Canada on Thursday, overshadowing the official estimate showing a 0.3% April expansion.

The May decline appears to be a give-back from April's 3.3% rise in the oil, gas and mining industry that was the largest since December 2020. The industry has faced big swings over the past year related to surging prices and some maintenance shutdowns. 

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Canada’s GDP shrank 0.2% in May led by mines, energy and factories, according to a flash estimate from Statistics Canada on Thursday, overshadowing the official estimate showing a 0.3% April expansion.

The May decline appears to be a give-back from April's 3.3% rise in the oil, gas and mining industry that was the largest since December 2020. The industry has faced big swings over the past year related to surging prices and some maintenance shutdowns. 

Keep reading...Show less