Institutions: Oil exports help Canada escape GDP stagnation

Golden Ten Data reported on July 7 that Robert Kavcic, an economist at BMO Capital Markets in Canada, stated that Canada has clearly emerged from two consecutive quarters of weak GDP, with net trade making a strong recovery, partly due to rising oil prices. According to Canada's May trade report from Statistics Canada, exports grew by 0.9%, showing a robust year-on-year increase of 26%. Most of this growth was driven by energy sales. Despite weak volume in May, Kavcic expects that net trade will still provide a meaningful boost to second-quarter growth, contributing up to 2.0 percentage points.