GDP News from Statistics Canada - April, May and June

Statistics Canada today released its May GDP figures, revised April GDP and provided a preliminary estimate for June. StatsCan originally reported a 0.3% decline in April GDP (story below); this has been revised downward to 0.5%. May, as they had forecast, came in down 0.3%. The better news is that, as the economy reopens across the country, June is expected to be back on the plus side with a 0.7% increase and Q2 should post an overall increase of 0.6% compared to Q1 (an annualized rate of 2.4%). Overall, non-residential construction in May was up marginally by 0.1%; industrial construction was a downward drag, while commercial and institutional construction both grew. The StatsCan article is available here.