GDP in May up for fifth straight month
Ottawa - Statistics Canada reports that real gross domestic product grew 0.2% in May 2013, a fifth consecutive monthly increase.
Ottawa – Statistics Canada reports that real gross domestic product grew 0.2% in May 2013, a fifth consecutive monthly increase.
Service industries, particularly retail and wholesale trade, led the growth in May. The output of service industries expanded 0.5% in May, after increasing 0.4% in April. Increases were also recorded in May in the public sector (education, health and public administration combined), accommodation and food services, professional services and real estate services. The transportation and warehousing sector declined.
Goods production fell 0.3% in May, mainly as a result of a notable decrease in mining, quarrying, and oil and gas extraction. Declines were also recorded in utilities, while manufacturing and the agriculture and forestry sector increased. Construction was unchanged in May.
Retail and wholesale trade increase
Retail trade was up 1.8% in May, a third consecutive monthly advance. Increases in activity were broad-based, with a notable gain at motor vehicles and parts dealers and, to a lesser extent, at building materials and garden equipment and supplies stores.
Wholesale trade grew 1.4% in May, after increasing 1.0% in April. Increased activity by miscellaneous wholesalers, which includes wholesaling of agricultural supplies, was the main contributor to the May gain. On the other hand, petroleum product wholesaling declined.
Mining, quarrying and oil and gas extraction contracts
Mining, quarrying and oil and gas extraction contracted 1.7% in May, after declining 1.6% in April.
Oil and gas extraction receded 2.2% as a result of decreases in both petroleum and natural gas production. Maintenance activities at some petroleum facilities affected production in May.
Support activities for mining and oil and gas extraction declined 2.5% in May, as a result of decreases in both drilling and rigging services.
Mining and quarrying (excluding oil and gas extraction) was unchanged in May. Increases in potash mining and, to a lesser extent, metallic mineral mining were offset by declines in coal mining.
Manufacturing output increases
Manufacturing output increased 0.3% in May. Durable goods production rose 0.3%, led by gains in machinery, furniture and related products and fabricated metals. However, manufacturing of primary metals and of computer and electronic products was down. Non-durable goods production rose 0.2% in May. Increases in chemical and in beverage and tobacco product manufacturing outweighed the declines at refineries and in food manufacturing.
Construction is unchanged
Construction was unchanged in May. Gains in residential building and repair construction were offset by declines in engineering and non-residential building construction.
The output of real estate agents and brokers rose 3.4% in May, up for a third consecutive month, as activity in the home resale market increased.
The finance and insurance sector edged up 0.1% in May. The increase in financial investment services more than offset the decrease in insurance services, while banking services were unchanged.
Utilities declined 0.4% in May, as the demand for both natural gas and electricity decreased.
The public sector (education, health and public administration combined) was up 0.2%, on the advance of education and health services. Public administration was unchanged in May.