Canada's Economy Bounces Back with Modest May Growth

The Canadian economy experienced a modest growth of 0.3% in May, according to Statistics Canada. This uptick in growth was driven by increases in both the goods and services sides of the economy.

Output from the mining, quarrying, oil, and gas extraction sector rose 1%, making it the leading contributor to economic growth for a second consecutive month. The transportation and warehousing sector also saw growth, fueled by pipeline shipments.

The spring housing market was warming up in May, particularly in Ontario and British Columbia, with offices of real estate agents and brokers seeing activity increase by 5.1% - the subsector's biggest monthly jump since October 2024.

The finance and insurance sectors, as well as construction and manufacturing, all grew for a second consecutive month, while the public sector also expanded in May.