Canada: GDP declines 0.5% in May

Latest: -0.5% (actual) -0.3% (expected) Previous: -0.2% (revised from -0.1%) FACTS: Real GDP at basic prices declined 0.5% in May, a tenth consecutive monthly decline. The goods producing sector remained a weigh on growth, contracting 1.6% in May - its worst performance since January 2009. Manufacturing (-1.6%) and Mining and oil and gas extraction (-2.8%) were the worst performing industries in the goods sector. Service producing industries (0.0%) remained unchanged for a second consecutive