Canada’s economy expands 0.3% in May, topping forecasts; June estimate points to 0.2% gain
AI Market Summary
Canada's May GDP rose 0.3% m/m and June tracking is +0.2%, pointing to Q2 annualized growth above 3% and highlighting resilience driven partly by strong oil and gas output amid elevated Brent prices. The data reinforces near-term support for Canadian energy exports and the global crude complex, while fresh U.S. tariff risks and pipeline capacity constraints add downside uncertainty to the growth impulse.
Impact level
● Medium
Affected assets
NCCO1OILBRENT2USD/USDT+2.17%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
● Neutral
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Canada’s real GDP rose 0.3% in May, outpacing economists’ expectations, and an advance estimate showed a further 0.2% increase in June, Statistics Canada said. The figures put second-quarter annualized growth on track to top 3%, above the Bank of Canada’s 2.5% projection. Brent crude averaged above US$100 a barrel in May, while Western Canada Select averaged US$83 a barrel. The combination of firm economic momentum and high oil prices has strengthened Canada’s energy-export performance and helped support Brent prices.
