TORONTO (Reuters) - Toronto's main stock index closed higher yesterday as firm commodity prices and robust economic growth data helped lift the index's resource and banking shares.

Canada's economy expanded at the fastest clip in more than a decade in the first quarter, with a hot housing market and a return of business investment helping to boost gross domestic product by 6.1 percent annually.

As well, oil rose above $74, sending the energy-loaded index up 0.5 percent.

Suncor Energy Inc, the country's largest oil producer, rose 1.3 percent to C$32.50, and natural gas major EnCana Corp surged 2.5 percent to C$33.24.

The index's economically sensitive financial sector, up 0.2 percent, recovered some ground lost last week when some of Canada's big banks reported results that missed high market expectations.

Bank of Nova Scotia, due to report quarterly results today, added 0.5 percent to C$48.25.

"The market is expecting probably a continuation of that economic recovery ... it's definitely registering in the Canadian market," said Youssef Zohny, associate portfolio manager at Van Arbor Asset Management in Vancouver.

The Toronto Stock Exchange's S&P/TSX composite index closed 91.55 points, or 0.78 percent, higher at 11,762.99.

"Overall, when you look at the GDP numbers that certainly came as a bit of a surprise as stronger than most economists had forecast, and shows that we still have a fair amount of economic generation here," said Fred Ketchen, director of equity trading at ScotiaMcLeod.

But market players cautioned that trading was light because of the US Memorial Day holiday and because yesterday was the last day of May.

Shares of heavily weighted fertiliser producer Potash Corp of Saskatchewan rose 2.6 percent to C$107.14 after the company's sales arm concluded a contract to supply potash to a subsidiary of China's Sinofert Holdings Ltd .

The market will track the much-anticipated Bank of Canada interest rate announcement Tuesday and US and Canadian jobs numbers later in the week.

The market has priced in overwhelming odds that the bank will announce a rate increase, making Canada the first Group of Seven country to raise rates since the global recession.