CANADA The Canadian economy did not change in May, which...

The Canadian economy did not change in May, which raises fears that the slowdown has already begun.

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Slight gains in services, including haircuts, were not enough to offset the decline in output in goods-producing industries in May, Statistics Canada said Friday. (Evan Mitsui/CBC)

Canada’s economy did not grow at all in May, the second month of the year when it failed to achieve any growth, Statistics Canada said Friday.

The data agency said the modest growth in the service sector was not enough to offset the decline in goods-producing industries, so the total value of all economic production was virtually unchanged during the month from a month earlier.

The flat rate was actually better than the slight 0.2 percent decline that economists had expected.

The June preliminary estimate suggests that the economy fared only marginally better last month, expanding by 0.1%.

Final numbers won’t be available until the end of August, but if June’s preliminary data holds up, it means Canada’s economy grew 1.1% in the second quarter – not a very strong performance by any measure, but at least better than reduction. 0.9% in the US over the same period.
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“Today’s GDP data shows that the Canadian economy was slowing even before the Bank of Canada raised interest rates,” said CIBC economist Andrew Grantham.

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