Canada’s gross domestic product expanded by 0.3% in May, driven largely by gains in the oil and gas sector and paving the way for a stronger-than-expected economic rebound in the second quarter, according to data released by Statistics Canada. The growth figure beat analyst expectations, signaling renewed momentum for the Canadian economy after a period of sluggish performance.
Oil and Gas Expansion Fuels May Output
The primary driver behind the May economic uptick was a notable expansion in resource industries. According to Statistics Canada, increased activity in oil and gas extraction spearheaded the monthly GDP gain.
Second-Quarter Growth Tracking at 3.4%
According to Bloomberg, preliminary tracking data indicates that the Canadian economy is on pace for an annualized growth rate of 3.4% in the second quarter.