Canada's Economy Sees 0.3% Growth in May
Canada's economy showed signs of recovery in May, according to Statistics Canada. The country's GDP grew by 0.3% in the month, exceeding the agency's initial estimate of a 0.1% expansion.
The growth was driven by increases in both the goods and services sectors, with the mining, quarrying, and oil and gas extraction sector seeing a notable 1% rise. This was largely due to higher oilsands extraction, as some usual spring maintenance activities were completed early or deferred.
Strong pipeline shipments also contributed to growth within the transportation and warehousing sector in May. Additionally, offices of real estate agents and brokers saw activity increase by 5.1%, their largest monthly jump since October 2024.
The public sector expanded alongside construction, manufacturing, and finance and insurance sectors, which grew for a second consecutive month in May.