With files from Michael and Robert Levy
May GDP figures were reported by StatsCanada this morning and will remain in focus over the next few months as we finally begin to see the measured impact from the Alberta Wild Fires. The fires in that province through May seeing month over month oil production decline by nearly 22 per cent, which was actually better than analyst expectations with forecasted declines of 40-50 per cent.
The impact from the decline in oil production in Alberta, and the spinoff to other sectors seeing monthly GDP decline by 6/10th of a per cent in the month of May, which amounts to the biggest monthly decline since March of 2009, when we were amidst the Global Financial Crisis.
Unfortunately, crude oil production aside, we would still see a negative print for May GDP. Manufacturing continuing to disappoint and as analysts call for a bounce back into the third quarter, May will certainly standout as a weak spot for the year.