Canada Q2 GDP rises 0.4% from Q1; but June GDP declines

30 August 2013 15:44  [Source: ICIS news]

TORONTO (ICIS)--Canada’s real gross domestic product (GDP) grew 0.4% in the second quarter from the first, following 0.5% growth in the first quarter, the country's federal statistics agency said on Friday.

Statistics Canada said that expressed in annual rates, Canada’s GDP grew 1.7% in the second quarter, compared with 2.5% annual growth in the US.

The agency added that on a monthly basis, Canada’s June GDP fell 0.5% from May as many major industrial sectors recorded lower production.

The construction sector recorded "notable declines", falling 1.9% in June from May, partly because of a labour dispute in Quebec, the agency said.

June output in manufacturing was down 1.3% from May. Wholesale and retail trade, mining, quarrying, and oil and gas extraction also decreased in June.

However, output at Canadian refineries increased significantly in June, following completion of maintenance work at some plants, the agency said.

June’s GDP decline came after five consecutive monthly increases.

By: Stefan Baumgarten
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