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Special Report

Canada GDP Research Brief

August 2022

Gross Domestic Product Surpasses Expectation,
but Economic Growth Hits Pause

Gross domestic product maintains stability. Economists expected the Canadian economy to contract by 0.2 per cent month-over-month in May, due to rapidly increasing interest rates and falling residential real estate prices. However, this was not the case as GDP held steady. Despite the lack of economic expansion, this outcome is better than what many anticipated, especially when compared to the U.S., which has experienced economic contraction for two straight quarters. The most sizable drops in Canadian GDP seen in May were in office and industrial using real estate sectors, while the largest gains were realized in hospitality and retail using real estate industries. 

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