April GDP and May Forecast Released by Statistics Canada, and it's About as Expected

Statistics Canada today released April GDP, showing a 0.3% growth over March's figures. This is slightly higher than the 0.2% forecast (see below). In investment in non-residential construction, all sectors showed growth: industrial construction was up 1.7%, led by gains in Ontario; commercial construction advanced by 1.5% thanks to a large retail project in Vancouver; and institutional grew by 1.0%, led by gains in Quebec. StatCan is calling for a contraction in GDP of 0.2% in May, with output expected to be down in the mining, quarrying and oil and gas extraction, manufacturing and construction sectors. You can read the report on GDP here, and on construction here.