Canadian economy expanding at 2.6% annual pace


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Canada’s economy grew by half a per cent in May, roughly twice what economists were expecting, partly since of a clever miscarry in a oil and gas sector.


The country’s sum domestic product stretched by 2.6 per cent in a 12 months adult to May, led by enlargement in mining, quarrying, and oil and gas extraction, Statistics Canada reported Tuesday.


The Alberta oilsands were a large partial of that expansion, as wanton bitumen descent grew by 5.3 per cent in May following upkeep shutdowns during some comforts a month earlier. Economic activity in Canada’s oilsands has now stretched by 14 per cent in a past year.


Overall, a oil and gas zone has grown for 4 months in a row and expanded by 6.4 per cent in a past 12 months.


Real estate, meanwhile, was a soothing spot as sales activity for real estate agents and brokers declined by 2.7 per cent. The sector has shrunk in 4 of a initial 5 months this year, following new debt manners put in place in January.


After delayed sales during an unseasonably cold April, Canadian retailers rebounded with dual per cent aloft sales in May. — the strongest month since October.


Only one out of 19 sectors that a information group marks reported a contraction during a month, “and that was utilities, since a continue returned to normal after a horrible April,” Bank of Montreal economist Doug Porter said. 


“Canadians came out of hibernation in May, and a economy benefited large time.”



Article source: http://www.france24.com/en/20170205-era-trump-us-companies-must-navigate-minefield


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