The Canadian Gross Domestic Product increased in June for the first monthly gain in almost a year while second quarter GDP fell less than the first quarter. Canadian GDP increased in June by 0.1 percent following a decline of 0.5 percent in May according to a report by Statistics Canada released today. The June GDP rise marked the first monthly increase since July of 2008. The GDP rise failed to surpass market forecasts that were expecting a 0.2 percent gain for the month.
The second quarter of 2009 GDP registered a decline of 0.9 percent following the first quarter’s 1.6 percent contraction and marked the third straight quarterly GDP decline. On an annual basis, the second quarter saw a 3.2 percent GDP fall from the second quarter of 2008 after the first quarter contracted by 2.3 percent. The annualized change (growth rate compounded annually) was a contraction of 3.4 percent in the second quarter after a annualized 6.1 percent fall in the first quarter.
Contributing to the GDP gain in June was an increase in service industry output by 0.4 percent. Oil and gas extraction increased by 1.3 percent following three straight declining months while wholesale trade increased by 1.3 percent for the month. Also showing a gain in June was real estate agent and brokers activities which increased by 8.3 percent. Contributing negatively to the GDP in June was a decline by 0.6 percent in goods-producing industries with a 0.5 percert fall in construction and a 0.7 percent drop in manufacturing.