Canada’s gross domestic product grew at a faster pace than forecast in May, led by the oil and gas industry and more specifically, oil sands. Statistics Canada reported that the national GDP expanded by 0.5 percent in May, with 19 out of 20 industries booking improved results compared to April, with oil and gas posting a 2.5-percent improvement and the oil sands industry recording growth of 5.3 percent. The oil industry was the sector that reported the highest growth in May as the benefits of higher oil prices apparently outweighed the negative effects of pipeline capacity shortage that has plagued the Canadian oil industry for a while now. Interestingly enough, the mining sector also recorded solid growth compared to other industries such as retail, utilities, and manufacturing. Metal mining, in particular, booked growth of 4.5 percent, the second-best performer among industries, despite an investment climate that is actually discouraging […]