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Economy Punished in May, Worst Drop in 7 Years

This country's economy dipped 0.6% in May, as wildfires in Alberta and a slowdown in manufacturing elsewhere in the country combined to create the worst monthly gross domestic product figure since March 2009.

Real GDP was hit hard by the Fort McMurray fires, as the non-conventional oil and gas extraction sector declined by 22% in May.

Following an 8.1% decrease in April due to maintenance shutdowns at upgrader facilities, the output level for the oilsands is now at its lowest since May 2011.

Other sectors were bruised almost as badly, as manufacturing output was down 2.4% the largest decline there since January 2009.

Utilities declined 1.8% as electric power generation, transmission and distribution were lower, likewise the natural gas distribution sector.