Canada GDP Grows in May Amid Expansion in Oil and Gas Activity

Canada’s industry-level gross domestic product rose 0.3% in May, adding to a 0.6% increase that was revised upward for the previous month. The data points to renewed momentum in the economy, with activity boosted by a stronger contribution from oil and gas. The report from Ottawa indicates growth that aligns with the strongest pace in roughly three years, suggesting the pace of expansion has improved after a weaker period. While the figure is modest on a monthly basis, it signals that sectors tied to resource production are helping lift overall output.