Economy shrank in May, fifth consecutive monthly decline: Statistics Canada
Posted Jul 31, 2015 7:21 am.
This article is more than 5 years old.
Statistics Canada reported real gross domestic product fell 0.2 per cent in May, the fifth consecutive monthly decrease.
The federal agency said the drop was mostly a result of contractions in manufacturing, mining, quarrying and oil and gas extraction as well as wholesale trade.
Economists had expected a flat reading for the month, according to Thomson Reuters.
The reading increases chances that the country slipped into a recession in the first half of the year following a contraction of
the economy in the first quarter.
Statistics Canada said goods-producing industries fell 0.6 per cent in May, down for a fifth consecutive month.
Meanwhile, the service-providing industries edged down 0.1 per cent in May after increasing for three consecutive months.
(The Canadian Press)
