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Canada Exits GDP Slowdown as Oil Exports Drive Q2 Growth, Up 26% YoY in May

2026-07-07 14:49:19

According to Robert Kavcic, chief economist at Bank of Montreal, Canada has emerged from two consecutive quarters of GDP contraction on July 7, with net trade showing strong recovery driven partly by rising oil prices. Canadian exports increased 0.9% in May, marking a robust 26% year-over-year gain, according to Statistics Canada's May trade report, with energy sales accounting for the majority of the growth. Kavcic forecasts that net trade will provide a meaningful boost to second quarter growth, potentially contributing up to 2.0 percentage points.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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