At least the recovery has already started

Canadian GDP Turned Positive in May, After Contracting for Two Months

Posted Friday, July 31, 2020 by
Skerdian Meta • 1 min read

The GDP report from Canada for May has been released. The Canadian economy contracted in March and April during lock-downs, but it seems to have turned the tail in May, as the country started to reopen. Expectations were for a 3.5% increase that month, but the GDP report beat expectations for May, coming at 4.5%. Although, the YoY GDP figures were still quite negative. USD/CAD was little changed. Below is the report:


  • Prior was -17.1% y/y
  • GDP +4.5% m/m vs a record -11.6% in April
  • Goods +8.0% m/m
  • Services +3.4% m/m
  • Preliminary estimate of +5% in June
  • Preliminary estimate of -12% in Q2 (not annualized)
  • Construction +17.6% m/m in May
  • Retail trade +16.4% m/m including +68.6% in autos



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