08:49 AM EDT, 07/31/2024 (MT Newswires) -- Canadian real gross domestic product grew 0.2% m/m in May, following a 0.3% m/m increase in April with the goods-producing industries grouping (+0.4%) the main contributor to the overall growth with four of five sectors increasing, said the country's statistical agency on Wednesday.

May's expansion was in line with a consensus figure provided by MUFG.

Services-producing industries edged up 0.1% m/m in May, noted Statistics Canada in a statement. Overall, 15 of 20 sectors expanded on the month.

Advance information indicates that real GDP increased by 0.1% m/m in June, stated StatsCan. Increases in construction, real estate and rental and leasing and finance and insurance were partially offset by decreases in manufacturing and wholesale trade. With this advance estimate for June, information on real GDP by industry suggests that the economy expanded by 0.5% in Q2.

The manufacturing sector (+1.0%) led the growth in May, up for a second consecutive month. The increase in May was the largest since January 2023 as both durable and non-durable manufacturing rose in May 2024.

The mining, quarrying, and oil and gas extraction sector dropped due to a decline in the oil and natural gas extraction subsector. Pipeline transportation increased as the expanded Trans Mountain oil pipeline came online.

The retail trade sector was the largest detractor to growth in May, contracting 0.9%. The wholesale trade sector contracted 0.8% in May, following a 1.4% increase in April, with five of nine subsectors decreasing in the month. Accommodation and food services grew for the second consecutive month, increasing 0.9% in May.

The public sector (comprising educational services, health care and social assistance and public administration) increased for the fifth consecutive month, up 0.4% in May. The public sector (comprising educational services, health care and social assistance and public administration) increased for the fifth consecutive month, up 0.4% in May.

For Canada, GDP and Income and Expenditure Accounts measure the production of goods and services in the Canadian economy as well as the incomes arising from this production and expenditure on the production.

GDP represents the unduplicated value of goods and services produced during the reference period and are available for domestic consumption, investment or export.