Energy sector powered May’s economic growth beyond forecasts
Statistics Canada says goods-producing industries rose 1.6 per cent, driven by a 4.6 per cent increase in the mining, quarrying, and oil and gas extraction sector
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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 per cent for the month.
Economists had expected an increase of 0.2 per cent, according to Thomson Reuters.
Goods-producing industries rose 1.6 per cent, driven by a 4.6 per cent increase in the mining, quarrying, and oil and gas extraction sector.
The oil and gas extraction subsector grew 7.6 per cent, 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 per cent.
Service-producing industries increased 0.2 per cent, led by finance and insurance services.