Canadian Economy Expands for Second Straight Month
Canada's economy expanded for the second consecutive month in May, with real gross domestic product (GDP) rising by 0.3%. This growth was driven by 13 of 20 industrial sectors, including goods-producing industries, which increased by 0.6%, and services-producing industries, which rose by 0.2%.
The mining sector led the way in May, with a growth rate of 1.0%, followed closely by public administration, which saw an increase of 0.6%. Within public administration, federal government public administration (except defence) grew by 0.9%, largely due to preparations for the 2026 Census.
Real estate and rental and leasing also experienced a strong month, with a growth rate of 0.4% and a notable increase in real estate brokerage activity, which rose by 5.1%. However, durable goods manufacturing contracted by 0.2%, driven by declines in machinery and electrical equipment manufacturing.