Canadian economy grew 0.3% in May

Canadian economy grew 0.3% in May, paving way for 2nd-quarter rebound

Figures show 2nd straight month of growth, following slow start to year

Canada's economy grew by 0.3 per cent in May, continuing the country's growth for a second straight month and putting the economy on track for a solid second quarter, according to Statistics Canada.

The agency says 13 of 20 industrial sectors contributed to the month's gains.

The mining, quarrying, oil and gas extraction sector led growth for a second straight month, as some of the industry's usual spring maintenance work was either completed early or deferred.

Transportation and warehousing also increased, as pipelines pushed more natural gas out of the country and onto the market.

Offices of real estate agents were also especially busy due to a rise in home-selling activity, boosting the real estate and rental and leasing sector.

Construction, manufacturing, finance and insurance, and the public sector all grew in May, too.

An early estimate for June also shows the Canadian economy on track to expand by 0.2 per cent in that month. That would put the economy on track for 0.8 per cent growth for the second quarter overall, setting the economy up for a solid rebound after stagnating in previous months.

Earlier this year, slow and stagnating growth led to fears of a technical recession.

Canada's economy reverses months of slow growth with 0.5% boost in April

With files from the Canadian Press