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Due to the slowdown in most industries, Canada’s GDP fell by 0.3% in May, which was the second consecutive month of contraction.
Statistics Canada reported on Friday that most industries have contracted, especially construction, manufacturing and retail.
Agriculture and forestry, mining and oil and gas extraction, public utilities and public sectors all expanded slightly.
All in all, the total value of all goods and services produced by the Canadian economy this month is slightly less than $1.98 trillion. This is still 2% below the economic value of slightly more than US$2 trillion in February 2020.
The May figures came when the Canadian economy was in the third wave of COVID-19, and most of the society was in some form of lockdown or capacity reduction. But there are signs that there has been a rebound since then.
Preliminary data for June showed that the economy grew by 0.7% that month.
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