BusinessThe figures show a second straight month of growth, with 13 of 20 industrial sectors contributing to the gains.Figures show 2nd straight month of growth, following slow start to yearCBC News · Posted: Jul 31, 2026 8:39 AM EDT | Last Updated: less than a minute agoListen to this articleEstimated 2 minutesThe audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results.Pumpjacks draw out oil and gas from well heads surrounded by Canola fields near Cremona, Alberta, in 2024. More oil and gas extraction helped grow Canada's GDP in the month of May. (Jeff McIntosh/The Canadian Press)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 — including construction, manufacturing, finance and insurance and the public sector — contributed to the month's gains.The mining, quarrying, oil and gas extraction sector rose one per cent in May, leading growth for a second straight month. Some maintenance work that usually happens in the month was completed early or deferred, which paved the way for more extraction. Transportation and warehousing also increased, as pipelines pushed more natural gas out of the country and onto the market.Canada's economy reverses months of slow growth with 0.5% boost in AprilOffices 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.An early estimate for June also shows the economy on track to expand by 0.2 per cent in that month. With Statistics Canada also revising April's GDP growth up slightly to 0.6 per cent, that puts the Canadian economy on track for a solid second quarter of growth.WATCH | What is holding back the Canadian economy?:What is going on with the Canadian economy?May 29|Duration 8:17Canada's economy contracted for a second consecutive quarter, which some would call a technical recession. But what is really holding back the Canadian economy? Power & Politics hears from Marc Desormeaux, an economist and the vice-president of policy with the Business Council of Canada, about why this isn't a 'true' recession and how the country's bottom line is being impacted by the U.S. trade tensions.The data agency's advance estimate has real GDP rising 3.4 per cent on an annualized basis in the second quarter, marking a sharp rebound from a mild contraction in the first three months of the year that led to fears of a technical recession.CIBC economist Andrew Grantham points out that that's well above the Bank of Canada's estimate for the second quarter, but said policymakers likely won't read too much into these numbers, since these figures are often revised.Plus, some one-off factors — like oil maintenance being pushed, and positive impacts from the FIFA World Cup — likely helped boost GDP in the second quarter, according to Grantham, so he predicts growth to be a bit slower in coming months."We continue to see slack in the economy fading only slowly and for the Bank of Canada to keep interest rates on hold throughout the remainder of the year," Grantham said in a note to investors.With files from the Canadian Press