Canada Economy Rises 0.1% in May as Oil, Gas Industry Offsets Housing Drop - Jul 30 10 9:10 EDT
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Canada Economy Rises 0.1% in May as Oil, Gas Industry Offsets Housing Drop
By Greg Quinn Bloomberg
Canada’s gross domestic product expanded in May after stalling the month before, with mining and oil leading increased goods production, while wholesale and real estate activity declined.
Canada’s economic output rose 0.1 percent to a seasonally adjusted annual rate of C$1.23 trillion ($1.19 trillion) in May, Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg News predicted a 0.2 percent gain, based on the median of 22 estimates.
Canada’s annual growth rate probably slowed to 3 percent in the second quarter from a decade-high pace of 6.1 percent between January and March, when low mortgage rates and temporary tax credits sparked spending, the Bank of Canada said July 22. The economy’s growth of 3.5 percent this year will still lead the U.S., the euro zone and Japan on consumer and government spending, the bank said.
Mining, oil and gas grew 3.4 percent in May from April, leading a 0.6 percent gain in goods-producing industries, Statistics Canada said. Retailing grew 0.3 percent, led by clothing, food and beverages, the government agency said, and manufacturing increased 0.1 percent.
Companies such as Canadian Tire Corp. are benefiting from consumer demand as job creation spurs new spending, while commodity producers including Potash Corp. of Saskatchewan Inc. have profited from rising global orders.
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