Economy Grew 0.2% in May, StatCan Estimates 2.2% Annualized Growth in Q2

Published on July 31, 2024

The Canadian economy grew 0.2 percent in May, led by expansions in manufacturing and the public sector, Statistics Canada reported on July 31. The federal agency’s gross domestic product report says retail and wholesale trade as well as the oil and gas sector weighed on growth. However, it highlights the Trans Mountain pipeline expansion’s contribution to economic growth that month. “The crude oil and other pipeline transportation industry rose 1.5 percent, reflecting in part commencement of the expanded Trans Mountain pipeline as the first tankers carrying Western Canadian oil departed from the Port of Vancouver in late May,” the report says. The federal agency estimates that growth was tempered slightly in June to 0.1 percent, with growth in construction, real estate and rental and leasing and finance and insurance partially offset by decreases in manufacturing and wholesale trade....

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