• Canada’s economy grows more than expected in April

Market news

28 June 2019

Canada’s economy grows more than expected in April

Statistics Canada announced on Friday that the country’s gross domestic product (GDP) grew 0.3 percent m-o-m in April, following an unrevised 0.5 m-o-m advance in March.

That was below economists’ forecast for a gain of 0.1 percent m-o-m.

According to the report, goods-producing industries rose 0.4 percent m-o-m, while services-producing industries went up 0.2 percent m-o-m. The 20 industrial sectors were nearly evenly split between gains and losses. Mining, quarrying and oil and gas extraction climbed 4.5 percent m-o-m in April, while wholesale trade sector increased 1.4 percent m-o-m and the construction sector rose 0.2 percent m-o-m. At the same time, the manufacturing sector fell 0.8 percent m-o-m in April, recording the largest monthly decline since August 2017, while retail trade and transportation and warehousing edged down 0.1 percent m-o-m each.

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