Canada's Economy Posts Solid Growth in May

Statistics Canada reported that real gross domestic product (GDP) rose by 0.3% in May, surpassing their initial estimates of 0.1% growth for the month.

The mining sector led growth for a second consecutive month, with some maintenance work completed early or deferred due to weather conditions.

Additionally, offices of real estate agents and brokers experienced significant activity as the spring housing market gained momentum in Ontario and British Columbia.

With solid growth of 0.6% in April and an estimated gain of 0.2% in June, Statistics Canada's advance estimate projects a 3.4% annualized increase in real GDP for the second quarter.