Figures released by Statistics Canada show that the economy has expanded by 0.6% in May, considerably higher than the 0.2% increase predicted by economists for the period. Compared to May 2016, this represents a year-on-year increase of 4.6%, the highest since October 2016. The Bank of Canada has in turn raised the overnight lending rate to 0.75%, with their next opportunity to do so coming in September.
"Two thirds of the overall May growth in GDP is accounted for by the mining, oil and gas sector."
Due to a 4.6% increase in the mining, quarrying and oil and gas extraction sector, goods-producing industries overall have grown by 1.6%. In fact, two thirds of the overall May growth in GDP is accounted for by the mining, oil and gas sector. Furthermore, there was a rise of 1.1% for manufacturing activity, but this was offset by a 6.3% fall in the activity of real estate agents.