Canada's GDP Rises 0.3% in May as Q2 Growth Tracks 3.4%
Updated
Updated · Global News · Jul 31
Canada's GDP Rises 0.3% in May as Q2 Growth Tracks 3.4%
3 articles · Updated · Global News · Jul 31
Summary
Statistics Canada said real GDP rose 0.3% in May, beating its initial 0.1% estimate and extending growth into a second straight month.
Mining, quarrying, oil and gas extraction led the gain with a 1% increase, helped by higher oilsands output and stronger pipeline shipments that also lifted transportation and warehousing.
Real estate agents and brokers posted a 5.1% jump—the biggest since October 2024—as Ontario and British Columbia's spring housing market warmed; construction, manufacturing, finance and the public sector also expanded.
April GDP was revised up to 0.6%, and a 0.2% flash estimate for June would leave second-quarter GDP growing at a 3.4% annualized pace, above the Bank of Canada's 2.5% forecast.