Canadian Economy Achieves 0.3% Growth in May, Signaling Second Quarter Rebound Ottawa, Canada / RankWire.AI / – On Friday, official national economic data confirmed that the Canadian economy expanded by 0.3 per cent in May, marking the second month of continuous growth and exceeding previous government predictions. The latest monthly Gross Domestic Product figures from Statistics Canada reveal that real output increased in 13 of 20 main industrial sectors, driven by widespread gains in goods-producing industries and persistent demand across services. This monthly growth surpassed the preliminary flash estimate of 0.1 per cent, fueling momentum for the national economy after a revised growth of 0.6 per cent in April. The expansion was primarily led by a 1.0 per cent increase in the mining, quarrying, and oil and gas extraction sector, marking its second consecutive month of growth. Higher crude oil extraction volumes throughout May were supported by increased production at Alberta bitumen sites and postponed routine spring maintenance. Support activities for oil and gas extraction grew by 9.8 per cent, maintaining its seventh consecutive month of expansion. Additionally, transportation and warehousing activities increased by 0.3 per cent, supported by higher pipeline throughput for natural gas exports and increased domestic freight transport. The real estate and rental services sector also contributed to May’s economic growth, with activity in offices of real estate agents and brokers rising by 5.1 per cent—its largest single-month increase since October 202

The Union Cabinet chaired by Prime Minister Narendra Modi approved a landmark national initiative on Friday to accelerate hydrocarbon discovery across Indian ocean basins. Official government releases published by the Press Information Bureau confirmed that the Cabinet approves Rs 84,084 crore offshore oil gas exploration scheme, designated as the Samudra Manthan national program. The central sector scheme will operate under the administrative control of the Ministry of Petroleum and Natural Gas with implementation scheduled through financial year 2030 to 2031. The multi-billion-rupee program is structured to expand deepwater exploration, enhance national energy security, and unlock untapped oil and natural gas resources within the exclusive economic zone of India.

The British government announced on Wednesday a significant strategic financial commitment to support the modernization of its nuclear deterrent by investing £8.4 billion into submarine program operations. This funding aims to advance the construction schedules for four Dreadnought-class nuclear-powered submarines and create thousands of high-skilled jobs for young people over the next ten years, according to an official statement from the Prime Minister’s Office. This long-term defense investment marks a crucial shift in national security procurement, providing a steady flow of capital to sustain essential maritime defense capabilities for decades ahead.

The annual consumer price increase in Belgium unexpectedly accelerated during July, ending a brief period of moderation and increasing financial strain on households and businesses. The official monthly consumer index figures released on Thursday by Statbel, the Belgian national statistical office, show that the country’s inflation rate for the year surpasses prior expectations, climbing to 3.56 percent in July from 3.40 percent in June.