What is the preliminary estimate for Canada's second-quarter annualized GDP growth, and how does it compare to the Bank of Canada's projection?

The preliminary estimate from Statistics Canada indicates that Canada's real gross domestic product expanded at an annualized rate of 3.4% in the second quarter (April–June), which is notably stronger than the Bank of Canada’s July monetary policy report projection of 2.5% annualized growth for the same period.

What key sector drove Canada's economic rebound in May, and what supporting evidence does the article provide?

Mining, quarrying, and oil and gas extraction drove the rebound in May, expanding by 1%, the strongest growth among all sectors; this was supported by Statistics Canada's separate report stating that May 2024 marked the highest crude oil production volume for that month since data began in 2016, attributed to elevated global demand amid Middle East supply constraints.

Canada Economy Tracking 3.4% Second Quarter Annualized Growth

Jul 31, 2026

Statistics Canada reported a 3.4% annualized GDP growth in Q2, exceeding forecasts. The rebound was driven by oil and gas and mining sectors, with crude oil production hitting record highs.

bloomberg

2026-07-31

Canada Economy Tracking 3.4% Second Quarter Annualized Growth

2026-09-29

Canada Economy Slows in Third Quarter After Spring Surge

Canada Economy Tracking 3.4% Second Quarter Annualized Growth

FAQ