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Economic Growth Rate Fastest in 17 Yrs.

Figures released this morning by Statistics Canada show Canada's economy grew by 0.6% in May, the seventh straight monthly gain.

The agency also says the overall economy has grown by 4.6% in the 12 months leading up to the end of May, the biggest 12-month figure since 2000.

The strong showing fervently eclipsed what economists were expecting, which was modest growth of 0.2% for the month.

Goods-producing industries jumped 1.6%, outpacing the service sector, which eked out a 0.2% gain.

Oil and gas extraction grew by 7.6%, while manufacturing grew by 1.1%.

Oil output looks especially strong on an annualized basis, since in May of 2016, the Alberta oilsands were hit hard by a massive and devastating wildfire.

Construction declined by 0.6%, as a strike in the last week of the month affected unionized construction workers in Quebec.

Real estate, rental and leasing shrank by 0.2%.