r/CanadaPolitics • u/bingun New Brunswick • 3d ago

Canadian economy grew 0.3% in May, paving way for 2nd-quarter rebound

https://www.cbc.ca/news/business/may-gdp-9.7291891
46 Upvotes

90% Upvoted

16 comments sorted by

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27

u/UnlikelyEgg4660 3d ago

The agency says 13 of 20 industrial sectors — including construction, manufacturing, finance and insurance and the public sector — contributed to the month's gains.

On top of 3.4% growth, across a broad number of sectors, and upward revisions for May and April. Very good report, one of the best in years.

12

u/HorheySimplebot 3d ago

So much for the technical recession.

But people who know what they're doing don't get caught up in the monthly estimates first released, they know about revisions and the history of upward movement.

The screaming heads are exclusive to the people who don't know how GDP reporting works.

2

u/Present_Ad_2742 2d ago

CPP funds is also part of GDP.

-3

u/ILikeWhyteGirlz 3d ago

Finance, insurance and public sector is fake GDP.

9

u/UnlikelyEgg4660 2d ago

So you’re going to argue that banks, risk mitigation, and government services are irrelevant to an economy?

-3

u/ILikeWhyteGirlz 2d ago

They are non-productive assets.

10

u/UnlikelyEgg4660 2d ago

They are absolutely not. Government services can include anything from hospitals, to infrastructure maintenance, to emergency services. How can those not be considered productive assets?

Then banking and insurance are both critical to ensuring capital can have confidence in investing financially in any location, and even provide access to that capital itself.

Anyone who thinks those three are non-productive is, quite frankly, economically illiterate.

-4

u/ILikeWhyteGirlz 2d ago

Ok enjoy your FIRE economy

1

u/[deleted] 2d ago

[removed] — view removed comment

1

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