Canadian GDP near-flat in May

Canada's gross domestic product index rose 0.1 percent in May led by gains in retail trade and the financial sector, Statistics Canada reported Tuesday. The tiny GDP gain followed a 0.3 percent increase in April, the agency said. "Retail trade rose 0.7 percent in May after declining 0.9 percent in April," StatsCan said. "The finance and insurance sector rose 0.5 percent, with increases in the volume of trading on the stock exchanges and in personal lending." Overall manufacturing declined 0.5 percent in May and construction also fell by 0.2 percent, the report said. "The output of real estate agents and brokers declined 4.8 percent after increasing for three consecutive months, as activity in the home resale market decreased in May," the agency said. Mining and oil/natural gas extraction increased 0.6 percent in May after rising 2 percent in April as crude petroleum production continued to rise after maintenance and production difficulties earlier in the year, the report said.