Canada GDP Research Brief
GDP Still Expected to Grow in Coming Years
GDP shows first sign of subsiding in May. Preliminary estimates suggest that GDP contracted by 0.2 per cent in May, the first decline since the last quarter of 2021. This was due to falling output in the oil, gas and mining sector, as well as the manufacturing sector. However, the ongoing war in Ukraine will result in more oil and gas output as foreign countries become more reliant on Canadian energy. These headwinds should prove to be temporary.