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Canada GDP rises 0.3% in May, RBC sees 0.2% June advance

RBC projects Q2 annualized growth of 3.4%, above its 2.2% forecast, but flags escalating trade tensions and new U.S. tariffs as downside risks.

Reported · Written up by our desk · EM Currencies

FXStreet highlights Royal Bank of Canada economists Abbey Xu and Nathan Janzen as saying Canadian GDP increased 0.3% in May, with an advance estimate of 0.2% for June after winter stagnation.

The economists point to broad-based gains across sectors and estimate second-quarter annualized growth of 3.4%, which they say is above their 2.2% forecast.

They also caution that escalating trade tensions and new U.S. tariff announcements could weigh on the outlook, especially for targeted industries.

RBC further emphasizes that improving output per person and per worker is a bright spot, even as trade-related risks remain a key concern for Canada’s growth trajectory.

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