Canadian economy grew by a greater-than-expected 0.3% in May
Mining and oil and gas extraction rose 1% as Canada’s real GDP increased 0.3% in May, Statistics Canada said.
- Statistics Canada reported real gross domestic product rose 0.3% in May, exceeding the agency's initial 0.1% estimate and signaling steady economic growth.
- Mining, quarrying, and oilsands extraction led growth for a second straight month, rising 1.0% as spring maintenance was completed early or deferred.
- April's GDP figures were revised upward to 0.6%, while real estate agent activity jumped 5.1%—the biggest monthly increase since October 2024—and construction, manufacturing, and finance sectors expanded.
- Annualized growth is projected to reach 3.4% for the second quarter, surpassing the Bank of Canada's 2.5% forecast and signaling a sharp rebound.
- Preliminary flash data suggests 0.2% growth in June amid expected gains in wholesale, retail, and finance sectors; official second-quarter estimates release at month's end.
32 Articles
32 Articles
Canadian Economy Grew by 0.3 Percent in May: StatCan
Canada’s GDP grew for a second month in a row in May, increasing by 0.3 percent, according to Statistics Canada. Thirteen of the country’s 20 industrial sectors—including construction, finance, and manufacturing—grew in May, the agency said in a July 31 news release. Canada’s mining, oil, and gas industries led the economy’s growth and contributed 0.1 percent to the monthly GDP increase. Support for those activities rose by 7.3 percent in May, w…
This increase suggests a strong recovery in the second quarter, according to Statistics Canada.
The Toronto Star
Economy grew 0.3% in May, on track for solid Q2 rebound: StatCan
OTTAWA - The economy was growing steadily in May and appeared on track for a solid rebound in the second quarter as a whole, Statistics Canada said Friday.
Real gross domestic product (GDP) grew by 0.3% in May, suggesting a strong recovery in the second quarter, according to Statistics Canada.
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