The Canadian economy showed a solid recovery in the second quarter of 2026, showing real gross domestic product growth of 3.4 percent year-on-year. According to preliminary data from the national statistical agency Statistics Canada, this figure significantly exceeded the Bank of Canada's July forecast of 2.5 percent. This result indicates a significant structural change after a period of stagnation caused by trade contradictions at the beginning of the year, and effectively eliminates the risks of a short-term recession. Industrial production increased by 0.3 percent in May, recording positive dynamics for the second month in a row in thirteen of the twenty main industries.

The main catalyst for economic growth was the energy production sector, where industry, including oil and gas production, increased by 1.0 percent in May. This indicator was additionally supported by the postponement of planned technical shutdowns of equipment and the growth of support services for the resource industry by 7.3 percent. The commodity-producing sectors as a whole provided a monthly increase of 0.6 percent, while construction activity increased by 0.8 percent due to the active implementation of residential apartment projects. The volume of transactions in the secondary real estate market also showed a sharp increase of 5.1 percent, especially in key regions such as the provinces of Ontario and British Columbia.

The financial sector made a noticeable positive contribution to the macroeconomic dynamics, adding 0.3 percent due to increased activity in the equity and bond markets, which successfully offset global market volatility. Transportation and warehouse logistics also grew by 0.3 percent, driven by a 2.7 percent increase in natural gas pumping through pipelines amid strong export demand. The preliminary estimate indicates continued growth of the gross domestic product in June by 0.2 percent in monthly terms. Statistics Canada plans to publish the official final data on macroeconomic indicators for the second quarter on August 28.