# Canada 2026 economic performance

> Live situation record from CLSTR: https://clstr.news/situations/canada-2026-economic-performance
> Updated: 2026-07-31T08:00:03.000Z. Sources: 12. Developments: 2.

July 2026 data reaffirm Canada’s steady economic expansion. The May 2026 real GDP rose 0.3% month‑on‑month, beating the 0.2% forecast, while a revised April gain of 0.6% remains the strongest since July 2025. Growth was driven chiefly by the mining, quarrying and oil‑and‑gas extraction sector, which expanded 1.0% in May, with oil‑and‑gas up 0.7% on higher oil‑sands output. A flash estimate for June suggests a further 0.2% increase, implying an annualised second‑quarter growth of about 3.4%, well above the Bank of Canada’s 2.5% target. The central bank left its benchmark overnight rate unchanged at 2.25% on 15 July, signaling a likely hold for the remainder of the year as inflation eases and firms adjust to U.S. tariff pressures. Together with earlier reports of a 18,200‑job increase in June and a June unemployment rate of 6.5%, the updated figures continue to illustrate a pattern of modest, above‑forecast growth in both output and employment during the first half of 2026.

## Claims

- Canada's real GDP increased 0.3% month‑on‑month in May 2026. (corroborated by 6 sources)
- April's GDP growth was revised to 0.6% from 0.5%, the highest since July 2025. (corroborated by 6 sources)
- The mining, quarrying and oil and gas extraction sector expanded 1.0% in May 2026. (corroborated by 6 sources)
- The oil and gas extraction subsector rose 0.7% in May 2026 due to higher oil sands extraction. (corroborated by 6 sources)
- Flash estimate shows June GDP increased 0.2%, indicating annualised Q2 growth of 3.4%. (corroborated by 6 sources)
- Bank of Canada kept its benchmark overnight rate unchanged at 2.25% on July 15, 2026. (corroborated by 4 sources)
- Economists expected a 0.2% growth rate for May 2026. (corroborated by 2 sources)

## Timeline

### 2026-07-31: Canada's GDP rises 0.3% in May, outpacing forecasts

Canada's GDP grew 0.3% in May 2026, led by mining and oil‑gas, beating forecasts and prompting a 3.4% annualised Q2 estimate; the Bank of Canada kept rates at 2.25%.

12 sources. https://clstr.news/cluster/canadas-may-gdp-expands-03-outpacing-forecasts

### 2026-07-10: Canada June jobs report adds 18,200 jobs, unemployment slips to 6.5%

June 2026 Canada added 18,200 jobs, unemployment fell to 6.5%, wages rose 3.7%, manufacturing lost jobs, Ontario shed 16,700 jobs, and the loonie hit a three‑week high.

8 sources. https://clstr.news/cluster/canada-june-2026-job-gains-modest-unemployment-rate-drops-to-65

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Cite as: Canada 2026 economic performance. CLSTR, https://clstr.news/situations/canada-2026-economic-performance