The Canadian economy stayed flat in May, with real gross domestic product showing neither growth nor contraction after a 0.3 per cent expansion in April, Statistics Canada reported Friday.
Growth in services-producing industries was offset by a decline in goods-producing industries, the federal agency said.
Manufacturing contracted for the first time in eight months, with motor vehicle manufacturing stalled by a semiconductor chip shortage.The results are better than expected. StatCan's preliminary estimate suggested the economy contracted by 0.2 per cent in May. After taking a significant hit at the onset of the pandemic, real GDP surpassed the pre-pandemic level in November 2021.
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