In a report issued today (July 28) by Statistics Canada, it’s been revealed that Canada’s economy grew an impressive 0.6% in May. This marks the seventh consecutive month of growth, as 14 of 20 industrial sectors had their numbers go up.
According to the Huffington Post, Canada’s economy has surged 4.6% in the past 12 months, a pace that hasn’t been experienced “since the end of the 1990s dot-com boom.” What’s more, such a year-on-year improvement hasn’t been witnessed in Canada since late 2000.
Leading the charge was the mining, quarrying, and oil and extraction sector, up 4.6% in May. Breaking down this sector’s success shows that the oil and gas extraction subsector saw a 7.6% increase in May, while non-conventional oil extractions’ figures shot through the roof with a 13% upswing.
Some of the other sectors that led to Canada’s economic growth in May include manufacturing (+1.1%), finance and insurance (+0.9%), retail (+0.9%), wholesale (+0.7%) and utilities (+1.4%).
Meanwhile, the real estate and rental and leasing sector dealt with a 0.2% decline, following five consecutive months of growth. Sadly, real estate agents and brokers had activity at their offices drop an astounding 6.3% in May, thanks in large part to resale activity slowing in the Greater Toronto Area. As you will recall, the Government of Ontario introduced new provincial housing regulations on April 20, thus taking some air out of a super-inflated real estate industry balloon.
In all, though, it’s tough to not be optimistic about the current status of the Canadian economy.
On a pleasantly patriotic edition of “theZoomer,” host Libby Znaimer and an esteemed panel of Canadian community leaders gathered to discuss Canada’s sesquicentennial. You can watch that episode below!