GDP in May topped expectations, increasing 0.3%…

… on the back of a 0.6% rise in goods-producing industries, which carried 0.2% growth in services GDP.

At the sector level, resource extraction remains the primary driver (up 7%)…

… but it gave up some momentum versus April, which should continue into June - reflecting weaker oil prices after the initial ceasefire in Iran.

Despite that, preliminary estimates for June are calling for 0.2% growth - led by wholesale/retail trade and financial services.

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