Canada’s economy grew by a greater-than-expected 0.3% in May, driven by the mining, quarrying, and oil and gas sector, according to official data.
Economic Growth
The goods-producing industries expanded 0.6% while services-producing industries posted a 0.2% gain. The mining, quarrying, and oil and gas extraction sector expanded 1.0% in May, with the oil and gas extraction subsector rising 0.7% due to higher oil sands extraction.
The central bank left its benchmark overnight rate unchanged at 2.25% and said growth would strengthen in the second half of the year as inflation pressures eased and firms continued to adapt to U.S. tariffs.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
