Canada GDP Expands For Fifth Month in a Row

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.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza