The Canadian economy was back in growth mode to start the second quarter, rebounding from a mild contraction in the first three months of 2026.
Statistics Canada said Tuesday that real gross domestic product rose 0.5 per cent in April, the fastest growth rate for the economy since July 2025. The result topped StatCan’s early estimate for 0.4 per cent growth in the month.
Oil and gas extraction surged in April helped by higher synthetic crude oil production, which rebounded after unscheduled maintenance that tempered growth to start the year, the agency said.
But growth was also widespread across industries in April. The manufacturing, construction and transportation and warehousing industries all posted gains, as did the public sector. A 0.7 per cent gain in the construction industry was the sector’s first gain in five months.
StatCan said real estate agents’ and brokers’ offices were busier in April, marking the subsector’s first growth since August 2025 on the back of stronger home sales in the Greater Toronto Area.
StatCan’s early estimates have growth moderating but continuing with an increase of 0.1 per cent in May thanks to growth in finance, insurance, real estate and leasing.
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An economic contraction in March dragged real GDP by expenditure into barely negative territory for the first quarter of the year. That sparked rumblings of a recession after two consecutive quarterly contractions, though most economists argued that label was premature.
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A separate release from StatCan on Tuesday detailing energy statistics in the economy showed exports of refined petroleum surged 69.7 per cent year over year as the war in Iran pushed prices higher globally.
Production of crude oil and equivalents rose 4.2 per cent in April, which StatCan said was the 11th consecutive month of year-over-year increases.
Oilsands extraction contributed the most to the stronger activity in April, though offshore production from Newfoundland and Labrador also hit its highest levels since March 2020.
Crude oil exports to the United States by pipeline rose 8.8 per cent annually in April, while exports to Asia and Europe jumped 46.6 per cent. The agency pointed to the closure of the Strait of Hormuz and the ongoing conflict in the Middle East as hampering crude oil supply from the region.
Wake up Ben.
June 30, 2026 at 4:24 pm
Ben think’s conservatives are cowering in fear at Carney’s brilliance because the economy grew by 0.5% during tourist season while we’re hosting a World Cup. Yet he’s the lone Carney apologist in the comments. Is Ben getting paid by Beijing, or is he willfully blind?
Might be both.
So a bump in oil prices made our GDP go up. Imagine if Canada wasn’t run by indigenous and environmentalists and we could sell LOTS of oil.
Everyone send Trump a virtual hug for increasing oil prices bumping Canada out of a recession.
Mental Note: the potential loss to Canada’s GDP if we allow competition in our dairy market is ~0.05% of GDP and the nominal amount lost if CUSMA collapses is 2% of GDP.
Liberals seal clap because a global rise in oil prices created enough inflation to add 0.5%.
Ben think’s conservatives are cowering in fear at Carney’s brilliance because the economy grew by 0.5% during tourist season while we’re hosting a World Cup. Yet he’s the lone Carney apologist in the comments. Is Ben getting paid by Beijing, or is he willfully blind?
Why are you celebrating 0.5%? That is a joke and if oil wasn’t being shipped to usa and if carney wasn’t flying from yyz to Yvr daily to watch soccer we would still be negative. You guys are really ….. (fill in the blank)…
Sure it did. Fifa. Summer jobs. 🙄
Hey Ben, we agree it should be the government negotiating trade. So why aren’t they? Stop licking the government’s boots and hold your elected leaders to their promises.
Not sure what’s worse, liberals being intentionally disingenuous or liberals being naturally ignorant of the facts. The economy is in a normal seasonal uptick with the addition of the usual temporary summer jobs, but this year those numbers have been additionally juiced by the temporary World Cup activities.
For god sakes people, wake the fuxk up
Ben taking a victory lap because for only the second time in 5 quarters the Canadian has (barely) grown really shows you what a sorry state Canada is in. Especially when that embarrassingly small growth is almost entirely based on artificially elevated energy prices due to the Mid East disruptions.
Demand better!! You’re allowed to ask more of your leaders, Canada. That doesn’t make you unpatriotic.
Where are Poilievre and the conservatives now? Not a peep from them. Probably busy having meetings with MAGA and the Trump administration about trade. That should be the government negotiating not the opposition party!
Its a recession
Period
Full stop
The amount of spin on this issue by people.claiming to be credible professionals has been disgusting
The absolute state of Canada is summarized by the media and Liberal partisans celebrating 0.5% growth after 3/4 quarters showing negative growth. When stagnation becomes something to aspire to, you know we’re in trouble.