The Canadian Statistical Agency says that the Canadian economy was stable in May, as the real gross domestic product showed no growth or contraction after a 0.3 percent expansion in April.

According to the federal agency, growth in service-producing industries was offset by a decline in goods-producing industries.
 

The largest declines were in the construction and manufacturing sectors, while the transportation and storage sector saw the biggest gains.
Preliminary estimates of the report for real GDP for the second quarter indicate growth of 1.1 percent, thus exceeding growth in the first quarter.

On the other hand, it was shown that on an annual basis, the economy grew by 5.6 percent compared to May 2021. 

The strength of the Canadian economy will also have implications for the next Bank of Canada key interest rate decision, as it aims to calm high inflation without causing a recession.