Real Gross Domestic Product (GDP) in Canada declined 0.3% in May 2021, following a 0.5% decline recorded in April 2021.
The Canadian economy was 1.5% smaller when compared to pre-pandemic February 2020 with an annualized value of $1,971 billion (chained 2012 dollars) in May 2021.
Construction activity was down 2.3% in May following increases in the previous five months.
Residential building construction declined 4.2% posting the first decline since November 2020. May’s decline was primarily driven by lower activity in single-family homes construction and in alterations and improvements.
Non-residential building construction increased 0.1% supported by gains in commercial and institutional building construction.