Canadian Economy Sees Steady Growth in May

The Canadian economy experienced steady growth in May, according to Statistics Canada's latest report. Real gross domestic product rose by 0.3% in the month, surpassing the agency's initial estimate of 0.1%. This uptick in growth indicates that the second quarter is on track for a solid rebound.

The mining, quarrying, oil and gas extraction sector led economic growth, increasing by 1% in May. Oilsands extraction saw an improvement due to early or deferred maintenance activities, while pipeline shipments contributed to growth in the transportation and warehousing sector.