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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.
The agency said real gross domestic product rose 0.3 per cent in May amid growth in both the goods and services sides of the economy. That topped StatCan’s own initial estimate for 0.1 per cent growth in the month.
The agency said output from the mining, quarrying, oil and gas extraction sector rose one per cent in May, leading economic growth for a second straight month.
Oilsands extraction was higher as some usual spring maintenance activities were either completed early or deferred. Strength in pipeline shipments helped fuel growth in the wider transportation and warehousing sector in the month, the agency said.
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Offices of real estate agents and brokers, meanwhile, saw activity increase 5.1 per cent in May — the subsector’s biggest monthly jump since October 2024. The spring housing market was warming up in May following an extended cold snap, particularly in Ontario and British Columbia, StatCan said.
Construction, manufacturing and the finance and insurance sectors all grew for a second consecutive month and the public sector also expanded in May.
April’s GDP figures, meanwhile, were revised a tenth of a point higher to 0.6 per cent. StatCan’s flash estimate calls for a gain of 0.2 per cent in June amid expected gains in wholesale, retail trade and finance and insurance.
Taken together, StatCan’s advance estimate has real GDP rising 3.4 per cent on an annualized basis in the second quarter, marking a sharp rebound from a mild contraction in the first three months of the year.
If that estimate holds, it would top the Bank of Canada’s forecasts for growth of 2.5 per cent in the second quarter.
StatCan will release its official estimates for the second quarter when it reports June GDP figures at the end of August.
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