Canada's Economy Sees 0.3% Growth in May

The Canadian economy grew by 0.3% in May, according to Statistics Canada, which indicates that it is on track for a solid rebound in the second quarter.

The growth was driven by increases in both the goods and services sides of the economy, with the mining, quarrying, oil and gas extraction sector leading the way at 1% growth. This marks the second consecutive month that this sector has led economic growth.

Oilsands extraction also saw an increase as usual spring maintenance activities were completed early or deferred, while pipeline shipments contributed to growth in the transportation and warehousing sector.

The real estate sector experienced a significant boost with offices of real estate agents and brokers seeing activity increase by 5.1% in May, the largest monthly jump since October 2024.