May GDP shows 0.5 per cent growth, beats expectations for 0.1 per cent rise

Statistics Canada says the Canadian economy grew by 0.5 per cent in May amid solid growth in both domestic and export-oriented sectors.

The month-over-month increase of 0.5 per cent compared to a rise of 0.1 per cent in April.

The growth was widespread across 19 of 20 sectors studied and was stronger than expectations for a 0.1 per cent increase, according to Thomson Reuters Eikon.

The oil and gas sector led the way with a 2.5 per cent increase.

Consumer-based industries including retail and housing showed gains as well.

The retail trade sector rose two per cent, its largest monthly increase since October 2017.

Export-oriented sectors, including wholesale trade and manufacturing, also registered gains.