Canada's Economy Sees Solid Q2 Rebound as Energy Sector Leads Growth

Statistics Canada reported that real gross domestic product (GDP) rose 0.3% in May, surpassing the agency's initial estimate of 0.1% growth for the month.

The economy appears to be on track for a solid rebound in the second quarter, with StatCan's advance estimate calling for a 3.4% annualized increase in real GDP during this period.

The mining, quarrying, oil and gas extraction sector led growth for the second straight month, driven by early completion or deferral of maintenance work.

The Canadian energy industry is carrying the economy, with manufacturing hit hard by tariffs. The spring housing market also showed signs of life in Ontario and British Columbia, contributing to growth.