Economic growth exceeds May expectations

Growth is powered by energy industry, with conventional oil and gas extraction gaining 3.2 percent

July 28, 2017
The Canadian Press
The Canadian Press

OTTAWA—Economic growth in the country blew past expectations in May, powered by the energy sector.

Statistics Canada says real gross domestic product grew by 0.6 percent for the month.

Economists had expected an increase of 0.2 percent, according to Thomson Reuters.

Goods-producing industries rose 1.6 percent, driven by a 4.6 percent increase in the mining, quarrying, and oil and gas extraction sector.

The oil and gas extraction subsector grew 7.6 percent, with non-conventional oil extraction rising 13 per cent due to a rebound in activity after a fire at the Syncrude Mildred Lake upgrader in mid-March that curtailed production.

Conventional oil and gas extraction gained 3.2 percent.

Service-producing industries increased 0.2 percent, led by finance and insurance services.