Canada's GDP Declines by 0.1% in May

According to a recent report from Statistics Canada, the country's gross domestic product (GDP) experienced a slight decrease of 0.1% in May compared to the previous month. This downturn was anticipated by economists and highlights the ongoing challenges in certain sectors of the economy.

Sector-Specific Impacts

The goods-producing industries were hit the hardest, with a notable 1% contraction in the mining, quarrying, and oil and gas extraction sector. On a brighter note, the manufacturing sector saw a modest growth of 0.7% during the same period.

Meanwhile, services-producing industries remained stable, showing no change from April to May. This mixed performance across sectors underscores the complexity of Canada's economic landscape.