Canada GDP for May +0.3% versus +0.3% expected

<ul><li>Prior month 0.0% revise to +0.1%</li><li>May GDP 0.3% versus 0.3% expected</li><li>Goods producing industries -0.3%</li><li>Service producing industries +0.5%</li><li>12 of 20 industrial sectors posted increases</li></ul><p>For the month of June ahead the projection shows:</p><ul><li>Advanced GDP estimate for June -0.2%</li></ul><p>May GDP was aided by a rebound in wholesale and public administration; the latter boosted by the end of a government strike in April. However there was a drag from the oil and gas industry as companies curtailed operations due to forest fires.</p><p>That reversed in June but wasn't enough to keep GDP positive due to softness in wholesale trade and manufacturing</p><p> The next report is due on September 1, 2023, which will also include the first Q2 reading.</p>

This article was written by Greg Michalowski at www.forexlive.com.