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August 07, 2018

Canada's gross domestic product increased 0.5%

Statistics Canada announced that the country's gross domestic product (GDP) increased 0.5% in May, as 19 of 20 industrial sectors registered increases.

According to the Federal agency, the output of goods-producing industries rose 0.6%, led by gains in mining, quarrying, and oil and gas extraction. Services-producing industries rose 0.5% as all sectors increased.

The manufacturing sector edged up 0.1% in May, following a 0.8% increase in April when the real inventory-to-sales ratio was the highest since August 2009.

Transportation and warehousing services were up 0.4%, led by increases in truck (+0.6%) and rail (+1.2%) transportation. Pipeline transportation edged down 0.2% as natural gas transportation declined, while crude oil transportation rose.