Steve Flynn  RE/MAX Crest Realty- Burnaby 

Cell: 604.785.3977 |

Categories

Canadian Monthly GDP (May 2016) - July 29, 2016

The Canadian economy contracted 0.6 per cent in May, the largest decline in real GDP since March 2009. This decline was the result of a 22 per cent drop in output of the non-conventional oil extraction industry due to the Fort McMurray wildfire.  Excluding that decline, real GDP was down 0.1 per cent. 


Given the large decline in May, second quarter real GDP growth could contract by more than -1 per cent. However, since the decline is almost entirely due to the Fort McMurray wildfires, growth should post a  strong rebound as oil production comes back on-line and the reconstruction effort begins. That rebound will be further supported by a boost of fiscal stimulus planned for the second half of the year pushing growth above 2 per cent for the remainder of 2016. 



 

Copyright British Columbia Real Estate Association. Reprinted with permission.

 





Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.