Sizable jump for GDP in May

Figures released Tuesday by Statistics Canada showed Canada's economy grew by 0.5% in May, the biggest rise in a year, as industries recovered from a combination of bad weather and maintenance shutdowns in April.

The increase - greater than the 0.4% growth forecast by analysts - was the largest since the 0.5% advance seen in May 2017. May marked the eighth time in the last nine months that the economy has expanded.

The retail sector expanded by 2% while construction posted a 0.7% gain. Both sectors were hit by cold weather and an ice storm in April.

The oil and gas extraction sub-sector rose 2.5% on increased crude bitumen exploitation following shutdowns in April for maintenance and capacity expansion.

The improving weather though hit the utilities sector, which shrank by 2.4% on lower demand for electric power generation, transmission and distribution.

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