Canada's Economy Sees 0.3% Growth in May, Tracking Solid Q2 Rebound

Statistics Canada has reported that real gross domestic product (GDP) rose by 0.3% in May, exceeding initial estimates of a 0.1% growth.

The mining sector led growth for a second consecutive month, with some maintenance work being completed early or deferred due to the spring season.

Real estate agents and brokers also contributed to growth as the housing market warmed up in Ontario and British Columbia following a prolonged cold snap.

This solid growth follows April's 0.6% increase and StatCan's flash estimate of a 0.2% gain in June, which suggests real GDP will rise by 3.4% on an annualized basis in the second quarter.