Canada’s gross domestic product grew for a fifth straight month in May, as resilient consumer spending offset declining output by oil and gas producers.
Canada’s economy expanded 0.2 percent to an annualized C$1.58 trillion ($1.53 trillion), Statistics Canada said today in Ottawa, after a 0.1 percent gain in April. Economists surveyed by Bloomberg had forecast a 0.3 percent increase, the median of 20 responses.
The gain marks the longest string of monthly expansions since 2010, signaling a further revival from a slump in the second half of last year. Still, weaker output by the nation’s oil and gas producers, coupled with the impact of flooding in Alberta and a construction strike last month, suggests the economy will struggle to match its 2.5 percent gain in the first quarter, economists said.
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