Canada's Economy Sees Steady Growth in May
The Canadian economy showed steady growth in May, with real gross domestic product (GDP) rising 0.3% amid expansion in both goods and services sectors.
This exceeded Statistics Canada's initial estimate of 0.1% growth for the month.
The mining, quarrying, oil, and gas extraction sector led economic growth with a 1% increase in May, marking its second consecutive monthly rise.
Oilsands extraction contributed to this growth as maintenance activities were completed early or deferred, while pipeline shipments fueled expansion in the transportation and warehousing sector.
The spring housing market also warmed up in May, particularly in Ontario and British Columbia, with offices of real estate agents and brokers seeing a 5.1% increase in activity, their largest monthly jump since October 2024.