{"id":75317,"date":"2026-07-02T12:22:59","date_gmt":"2026-07-02T12:22:59","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2026\/07\/02\/posthaste-this-province-fuelled-canadas-gdp-beat-and-is-expected-to-keep-leading-growth-nationally\/"},"modified":"2026-07-02T12:22:59","modified_gmt":"2026-07-02T12:22:59","slug":"posthaste-this-province-fuelled-canadas-gdp-beat-and-is-expected-to-keep-leading-growth-nationally","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2026\/07\/02\/posthaste-this-province-fuelled-canadas-gdp-beat-and-is-expected-to-keep-leading-growth-nationally\/","title":{"rendered":"Posthaste: This province fuelled Canada&#039;s GDP beat and is expected to keep leading growth nationally"},"content":{"rendered":"<p> \n<br \/><iframe loading=\"lazy\" title=\"CUSMA review won&amp;apos;t change much for Canada: Dawn Desjardins\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/vyjVcJLYW-Q?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p> <span><\/span><img decoding=\"async\" alt=\"\" data-has-syndication-rights=\"1\" data-license-id=\"\" data-portal-copyright=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg\" title=\"\" \/> Canada\u2019s economy beat expectations in the latest GDP reading , and Alberta was likely a major driver of that growth. <\/p>\n<p> Statistics Canada doesn\u2019t provide monthly provincial GDP numbers, but Charles St-Arnaud, an economist at Edmonton-based Servus Credit Union, said the province probably led the way as Canada\u2019s gross domestic product expanded 0.5 per cent in April from the month before, beating economists\u2019 forecasts.  <\/p>\n<p> \u201cFor Alberta, the details available in the report suggest that economic activity was stronger than in the rest of the country in May, thanks to the strong rebound in oil and gas extraction,\u201d St-Arnaud said. <\/p>\n<p> The 3.7 per cent rebound in oil and gas extraction recorded in the month came mostly from unconventional sources, with almost 100 per cent of that located in Alberta, he said. <\/p>\n<p> \u201cClearly this suggests that on the month, Alberta was way better than the rest of the country, but it\u2019s also a payback from the weakness we had in the month of March,\u201d St-Arnaud said. <\/p>\n<p> Nationally, population shrunk slightly, but it\u2019s still growing in Alberta, which is also working in the province\u2019s favour. <\/p>\n<p> \u201c Population growth is kind of your baseline growth,\u201d he said. <\/p>\n<p> Alberta has often been a national leader in growth. In 2025, the province\u2019s economy grew 2.6 per cent, beating national growth of 1.6 per cent, according to his data. <\/p>\n<p> Canada\u2019s rebound in April should quiet recession talk, but details behind the headline numbers suggest that interest rate cuts, not hikes, are the more likely surprise ahead, said Douglas Porter, chief economist at Bank of Montreal. <\/p>\n<p> \u201cThe reality is that output is still up only a little more than one per cent from a year ago, which is below potential and still more consistent with monetary policy biased to ease rather than to tighten,\u201d said Porter said Tuesday after the data was released. <\/p>\n<p> At the start of the Iran war, markets priced in as many as three hikes by the Bank of Canada this year on concerns that high oil prices would hike inflation. <\/p>\n<p> Since the U.S. and Iran brokered an apparent moratorium, those bets have evaporated. As of June 30, there was a slightly more than 60 per cent chance of a rate increase at the Bank of Canada\u2019s final announcement for 2026, according to Bloomberg rate swap data. <\/p>\n<p> BMO\u2019s official call is for the central bank to hold rates at 2.25 per cent until the end of 2027, but Porter\u2019s feeling is if something goes awry with the economy, a cut looks more appropriate. <\/p>\n<p> \u201cIf \u2026 something happens that we didn\u2019t foresee, we just think it\u2019s more likely that the Bank of Canada will find the need to cut interest rates rather than raise them,\u201d he said. <\/p>\n<ul class=\"related_links\">\n<li>Posthaste: In these Canadian housing markets, it&#8217;s now like the pandemic boom never happened<\/li>\n<li>Posthaste: Most Canadians would happily part with 9% of their salary to secure a pension and their retirement, says survey<\/li>\n<\/ul>\n<hr \/>\n<p> <em><strong> Sign up here to get Posthaste delivered straight to your inbox.<\/strong><\/em> <\/p>\n<hr \/>\n<p> <strong><br \/> <img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-1758646\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2019\/02\/subhead_leading.png\" width=\"838\" \/><\/strong> <\/p>\n<section class=\"story-v2-content-element article-content__content-group article-content__content-group--story\">\n<div class=\"story-v2-content-element-inline\">\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"GDP chart\" class=\"alignnone size-full wp-image-80678704\" height=\"881\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2026\/06\/April-gdp-.png\" width=\"1200\" \/><\/p>\n<section class=\"story-v2-content-element article-content__content-group article-content__content-group--story\">\n<div class=\"story-v2-content-element-inline\">\n<p>Canada\u2019s real gross domestic product grew by 0.5 per cent in April, marking a strong start to the second quarter of 2026 that was slightly higher than economists\u2019 expectations.<\/p>\n<\/p><\/div>\n<\/section>\n<section class=\"story-v2-content-element article-content__content-group article-content__content-group--story\">\n<div class=\"story-v2-content-element-inline\">\n<p>Gains were mainly driven by the mining, quarrying, and oil and gas extraction sectors, which grew by 2.9 per cent month-over-month in April, Statistics Canada said Tuesday.<\/p>\n<p>This is the largest growth rate for the sector since February 2024 and \u201cmore than offsets\u201d March\u2019s 1.4 per cent contraction, officials said.<\/p>\n<\/p><\/div>\n<\/section>\n<p>Read the full story here.<\/p>\n<\/p><\/div>\n<\/section>\n<section class=\"story-v2-content-element article-content__content-group article-content__content-group--story\">\n<div class=\"story-v2-content-element-inline\">\n<hr \/><\/div>\n<\/section>\n<section class=\"story-v2-content-element article-content__content-group article-content__content-group--story\">\n<div class=\"story-v2-content-element-inline\"><\/div>\n<\/section>\n<p><img decoding=\"async\" alt=\"\" data-has-syndication-rights=\"1\" data-license-id=\"\" data-portal-copyright=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/07\/subhead-1.jpg\" title=\"\" \/><\/p>\n<ul>\n<li><strong>Today\u2019s data<\/strong>: U.S. Challenger job cuts, MBA mortgage applications, ADP employment changed, Institute for Supply Management manufacturing index<\/li>\n<li><strong>Earnings: <\/strong>Antiaging Quantum Living Inc., WTB Financial Corp., National Beverage Corp., Playa Hotels and Resort NV, Denny\u2019s Corp.<\/li>\n<\/ul>\n<p> <img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-3080180\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/subhead_marketsam.jpeg\" width=\"838\" \/> <\/p>\n<p><img decoding=\"async\" alt=\"\" data-has-syndication-rights=\"1\" data-license-id=\"\" data-portal-copyright=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2026\/06\/chart-0702-ph.jpg\" title=\"\" \/><\/p>\n<figure class=\"embedded-image\"><\/figure>\n<hr \/>\n<p> <strong><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-3080181\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/subhead_reads.jpeg\" width=\"838\" \/><\/strong> <\/p>\n<ul>\n<li>The town was gutted\u2019: Free trade has been a win for Canada, but in some communities the scars still run deep<\/li>\n<li>37% of recent first-time buyers regret the size of mortgage they took on, says new report<\/li>\n<li>Death of the road trip? How higher gas prices are putting a summer staple to the test<\/li>\n<li>CRA denies deduction to taxpayer who tried to claim auto and work-from-home expenses<\/li>\n<li>Here\u2019s what Rick Mercer doesn\u2019t know about how Canada stacks up in quantum computi<\/li>\n<\/ul>\n<p> <img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-2059284\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/04\/subhead_personal_finance_2.png\" width=\"838\" \/><span><\/span> <\/p>\n<p> As an employee, you may be able to claim a deduction on your tax return for work expenses that you aren\u2019t reimbursed for by your employer. Typical deductible employment expenses can include: allowable motor vehicle expenses, out-of-town travel expenses, parking (other than at your work), office supplies, office rent and work-from-home expenses. But there are conditions. <\/p>\n<p> Tax expert Jamie Golombek tells us about a recent tax case involving a taxpayer who attempted to claim motor vehicle expenses, as well as work-from-home expenses and what the court thought about that. Find out more here. <\/p>\n<hr \/>\n<p> <span><\/span><img decoding=\"async\" alt=\"\" data-has-syndication-rights=\"1\" data-license-id=\"\" data-portal-copyright=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/11\/FP-West-Energy-Insider-Logo.png\" title=\"\" \/> Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country\u2019s most important sectors. Sign up here. <\/p>\n<hr \/>\n<div class=\"x_elementToProof\"><span>Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at <\/span>wealth@postmedia.com<span><\/span><span> with your contact info and the gist of your problem and we\u2019ll find some experts to help you out while writing a Family Finance story about it (we\u2019ll keep your name out of it, of course).<\/span><\/div>\n<hr \/>\n<h2>McLister on mortgages<\/h2>\n<p> Want to learn more about mortgages? Mortgage strategist Robert McLister\u2019s Financial Post column  can help navigate the complex sector, from the latest trends to financing opportunities you won\u2019t want to miss. Plus check his mortgage rate page for Canada\u2019s lowest national mortgage rates, updated daily. <\/p>\n<hr \/>\n<h2>Financial Post on YouTube<\/h2>\n<p> Visit the Financial Post\u2019s YouTube channel for interviews with Canada\u2019s leading experts in business, economics, housing, the energy sector and more. <\/p>\n<hr \/>\n<p> <em>Today\u2019s Posthaste was written by Gigi Suhanic with additional reporting from Financial Post staff and Bloomberg.<\/em> <\/p>\n<p> Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com . <\/p>\n<hr \/>\n<p> <em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here<\/em> <\/p>\n\n<br \/>Posthaste: This province fuelled Canada&#039;s GDP beat and is expected to keep leading growth nationally<\/a><br \/>\n<br \/>2026-07-02 12:22:59<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s economy beat expectations in the latest GDP reading , and Alberta was likely a major driver of that growth. Statistics Canada doesn\u2019t provide monthly provincial GDP numbers, but Charles&#8230;<\/p>\n","protected":false},"author":2,"featured_media":75318,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-75317","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/75317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=75317"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/75317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/75318"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=75317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=75317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=75317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}