Canada's Economy Beats Expectations with 0.3% Growth in May

Canada's economy experienced growth of 0.3 per cent in May, exceeding Statistics Canada's advance estimate of 0.1 per cent and indicating a stronger second quarter than anticipated.

This growth was attributed to both the goods and services sides of the economy, with output from the mining, quarrying, and oil and gas extraction sector rising one per cent for the second consecutive month.

The oilsands extraction saw an increase due to some spring maintenance being completed early or deferred, while pipeline shipments lifted the wider transportation and warehousing sector.

Offices of real estate agents and brokers recorded a 5.1 per cent increase in activity, with StatCan attributing this to a spring housing market warming up after an extended cold snap, particularly in Ontario and British Columbia.