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Oil Drives Canada’s Fastest Economic Growth Spurt in a Year

7/31/2018 | Bloomberg.com

Canada’s economy grew at the fastest pace in a year, further evidence of a solid expansion. GDP report shows gains across 19 of 20 industries in May. Oil was a key driver, with non-conventional crude output jumping 5.3 percent as more production came back online after shutdowns.

“Gross domestic product increased by 0.5 percent in May, Statistics Canada said Tuesday from Ottawa, exceeding expectations for a 0.3 percent gain in a Bloomberg survey of economists. Oil was a key driver, with non-conventional crude output jumping 5.3 percent as more production came back online after shutdowns. Nineteen of 20 industries showed gains, including retail sales rising 2 percent on the heels of weakness in April linked to cold weather.

The world’s 10th largest economy is now on track for annualized growth of around 3 percent this quarter, keeping the pressure on the Bank of Canada to consider raising interest rates again to keep inflation in check.”

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