Canada’s GDP up for fifth month in a row

(Update)

Canada’s Gross Domestic Product, that amount of goods the country produces in a given period, grew for the fifth straight month in May, rising 0.2%. The growth wasn’t as strong as economists had hoped, but it does show slow, steady improvement. Next month could be a different story, as economists are predicting a dip after the Calgary floods. Marvin Ryder from the DeGroote School of Business had this comment:

“What we’re worried about though is June because of the Calgary flood. If the June numbers come out a little bad, then we’re deferring growth because July you have the recovery from the flood and that means people spending money on things they wouldn’t have spent otherwise. So it’ll probably be a wash.”

May’s growth is credited to strong retail and wholesale numbers.