In this edition:
- Goods-producing sector drives GDP uptick in May
- Proportion of businesses conducting innovation activities drops in 2022
- Economy continues to grow at modest pace as forecasters brace for more rate cuts
- Where’s the best city to rent in Canada?
- Boeing names new CEO as it posts a loss of more than US$1.4 billion in second quarter
- Airline ‘cost and quality’ concerns prompt probe of industry in Canada
- Focus on Technology
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Goods-producing sector drives GDP uptick in May
Real gross domestic product (GDP) grew 0.2% in May, new Statistics Canada data released today has revealed, following a 0.3% increase in April. The goods-producing industries grouping (+0.4%) was the main contributor to the overall growth with four of five sectors increasing in May.
Non-durable goods manufacturing (+1.4%) recorded its largest growth rate since November 2023, with over half of the increase stemming from petroleum and coal product manufacturing. The subsector rose 7.3% in May 2024, its largest increase since June 2021, as petroleum refineries (+7.9%) more than offset a 5.0% decline in April 2024.
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Proportion of businesses conducting innovation activities drops in 2022
In 2022, the Survey of Innovation and Business Strategy revealed that software development and database activities (24.7%) were the most prevalent innovation activities. They were followed by employee training specifically for innovation projects (22.6%), research and development (20.9%), marketing and brand equity activities linked to innovation (19.9%) and the acquisition or development of advanced technology (19.1%).
Overall, the proportion of businesses conducting innovation activities declined to 47.2% in 2022, down from 52.5% in 2019.
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Economy continues to grow at modest pace as forecasters brace for more rate cuts
The Canadian economy continued to keep its head just above water in May, growing 0.2 per cent, led by expansions in manufacturing and the public sector.
Statistics Canada’s gross domestic product report on Wednesday said retail and wholesale trade as well as the oil and gas sector weighed on growth.
However, it highlighted the Trans Mountain pipeline expansion’s contribution to economic growth that month.
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Where’s the best city to rent in Canada?
The real estate company Point2 recently examined Canada’s 100 most populated cities across 24 metrics to compile a list of the best places to rent. The analysis found St. John’s, N.L. to be the top spot for renters, though seven cities in Quebec made it into the top 10. Canada’s only bilingual province, New Brunswick, also had two cities high on the list — Fredericton and Saint John.
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Boeing names new CEO as it posts a loss of more than US$1.4 billion in second quarter
Boeing lost more than US$1.4 billion in the second quarter and said a longtime industry executive will take over as chief executive of the troubled aircraft manufacturer next week.
Robert “Kelly” Ortberg, 64, a former CEO at Rockwell Collins, will succeed Dave Calhoun as CEO, the company said.
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Airline ‘cost and quality’ concerns prompt probe of industry in Canada
The Competition Bureau says it is launching its market study of domestic airline service as concerns around prices and quality persist.
Competition commissioner Matthew Boswell says “many Canadians are frustrated by the cost and quality” of air travel in Canada, and that he aims to put forward recommendations on how to improve it.
Did you know?
Focus on Technology
Cost of data breach in 2024: $4.88M, says latest IBM study
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
