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Canadian economy grew by a greater-than-expected 0.3% in May
Mining and oil and gas extraction rose 1% as Canada’s real GDP increased 0.3% in May, Statistics Canada said.
- Statistics Canada reported real gross domestic product rose 0.3% in May, exceeding the agency's initial 0.1% estimate and signaling steady economic growth.
- Mining, quarrying, and oilsands extraction led growth for a second straight month, rising 1.0% as spring maintenance was completed early or deferred.
- April's GDP figures were revised upward to 0.6%, while real estate agent activity jumped 5.1%—the biggest monthly increase since October 2024—and construction, manufacturing, and finance sectors expanded.
- Annualized growth is projected to reach 3.4% for the second quarter, surpassing the Bank of Canada's 2.5% forecast and signaling a sharp rebound.
- Preliminary flash data suggests 0.2% growth in June amid expected gains in wholesale, retail, and finance sectors; official second-quarter estimates release at month's end.
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This increase suggests a strong recovery in the second quarter, according to Statistics Canada.
·Montreal, Canada
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The Toronto Star+10 Reposted by 10 other sources
Economy grew 0.3% in May, on track for solid Q2 rebound: StatCan
OTTAWA - The economy was growing steadily in May and appeared on track for a solid rebound in the second quarter as a whole, Statistics Canada said Friday.
·Toronto, Canada
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Real gross domestic product (GDP) grew by 0.3% in May, suggesting a strong recovery in the second quarter, according to Statistics Canada.
·Montreal, Canada
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Coverage Details
Total News Sources28
Leaning Left13Leaning Right1Center11Last UpdatedBias Distribution52% Left
Bias Distribution
- 52% of the sources lean Left
52% Left
L 52%
C 44%
Factuality
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