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