Canadian Economy Grows by 0.1%

Statistics Canada reported today that the Canadian economy grew by 0.1 percent in May. A jump in the cost of oil and gas was mostly responsible for the increase. Most other areas of the economy were flat, or actually lost ground, including construction which fell 1.6 percent, while the services industry declined 0.1 percent.

Sales of existing homes fell significantly in several parts of the country in May, resulting in an 11.3 per cent decrease in the output of real estate agents and brokers. It was the fifth consecutive monthly decline in this industry.

Source: The Canadian Press

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.