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By Canadian Press

Canadian economy avoids contraction, holds steady in May

Jul 29, 2022 | 9:00 AM

OTTAWA – The Canadian economy stayed flat in May, with real gross domestic product showing neither growth nor contraction after a 0.3 per cent expansion in April, Statistics Canada reported Friday.

Growth in services-producing industries was offset by a decline in goods-producing industries, the federal agency said.

The largest declines were experienced in the construction and manufacturing sectors, while transportation and warehousing saw the largest gains.

Statistics Canada said construction worker strikes in Ontario during May led to delays in projects. However, construction activity remained well above pre-pandemic levels.

Manufacturing contracted for the first time in eight months, with motor vehicle manufacturing stalled by a semiconductor chip shortage.

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Transportation gains were driven by growth in air travel, which rose by 14.1 percent.

This report by The Canadian Press was first published July 29, 2022.

The Canadian Press