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Canada GDP Rose 0.3% in May, Topping Early Estimate
GDP rose 0.3% in May, topping the 0.1% flash estimate, as oilsands output and a housing rebound powered goods and services growth.
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Canada's economy grew 0.3% in May, topping Statistics Canada's own preliminary call for 0.1% expansion, as oilsands output and a spring housing rebound lifted activity across goods and services.
The agency's real gross domestic product figures, released Friday, showed both sides of the economy contributed. April's print was revised up a tenth of a point to 0.6%.
Mining, quarrying, and oil and gas extraction rose 1% in May, leading growth for a second straight month. Some typical spring maintenance at the oilsands was completed early or deferred, the agency said. Pipeline shipments added to gains in the wider transportation and warehousing sector.
Offices of real estate agents and brokers saw activity jump 5.1% – the subsector's biggest monthly increase since October 2024. Spring housing was warming up after an extended cold spell, particularly in Ontario and British Columbia, StatCan said.