The Canadian economy grew at a surprisingly robust pace in May, led by energy and manufacturing -- a result sure to reinforce market expectations of another rate rise this year from the Bank of Canada.
Canada's gross domestic product, or the broadest measure of goods and services produced in an economy, climbed 0.6% in May from the previous month, to 1.73 trillion Canadian dollars ($1.38 trillion), Statistics Canada said Friday. This marked the seventh straight monthly gain in economic output, a feat last achieved in 2010.
Traders anticipated a smaller 0.2% rise in Canadian GDP, according to economists at Royal Bank of Canada.
On a one-year basis, the economy grew 4.6% in May, or the fastest pace in nearly two decades. In May of last year, the economy contracted steeply due to wildfires in western Canada that forced the shutdown or curtailment of energy production.
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(END) Dow Jones Newswires
July 28, 2017 08:45 ET (12:45 GMT)