Canada's GDP expands at 2.3% pace in May
Broad-based expansion sees almost every sector showing growth
Canada's economy expanded by 0.4 per cent in May, a sharp improvement from 0.1 per cent the month before.
Statistics Canada reported Thursday that Canada's GDP has expanded for five straight months. On an annualized basis, the economy is growing at a 2.3 per cent pace. The expansion was broad-based, as most industries showed growth.
The service sector expanded by 0.4 per cent, and the goods sector fared even better, expanding by half a per cent.
Three key Canadian industries — manufacturing, mining and oil and gas extraction — all increased. Construction activity also expanded.
Wholesalers and retailers saw noticeable increases, along with the transportation and real estate sectors, warehousing services and professional services.
Two exceptions were the public sector, which was flat, and the finance and insurance industry, which shrank.