Canada’s gross domestic product (GDP) gained for the third consecutive month in May.
Statistics Canada says that overall GDP gained 0.2% in the month led by manufacturing which expanded 1.2% in the month. Thirteen of the 20 main sector groups posted increases.
The construction sector gained 0.9% in the month with most parts of the sector showing growth. It was the sector’s fourth gain in five months.
Residential construction (+2.2%) posted its strongest growth in more than a year, with double, row and other multi-unit dwelling construction expanding, along with home alterations and improvements.
There were also gains for engineering and other construction (+0.5%) and repair construction (+0.1%) but non-residential construction (-0.1%) edged down after five months of increases, as public and industrial construction contracted.
Activity at offices of real estate agents and brokers was up 4.8% in May, the fourth gain in five months, as housing resale activity increased across most urban markets, led by the Greater Toronto and Greater Vancouver areas.
There was more bad news for the retail sector though as retail trade contracted by 0.4% in May, its first consecutive monthly declines since June and July 2018.
