Canada GDP Growth Beats Expectations in May
The Canadian economy continued to show resilience in May, beating expectations with a 0.3% month-over-month growth rate. This marks the second consecutive monthly increase and suggests that domestic activity is broadening across both goods and services sectors.
Growth was widespread, with 13 of 20 industrial sectors posting gains. Goods-producing industries led the way, growing 0.6%, supported by stronger mining, oil and gas extraction, and manufacturing output. The mining, quarrying, and oil and gas extraction sector increased 1.0%, posting a second straight monthly gain.
Services also continued to provide support, with services-producing industries rising 0.2% in May. This growth was driven primarily by gains in real estate and rental and leasing, as well as public administration. Real estate activity increased 0.4%, with all subsectors contributing to the advance.