Statistics Canada announced on Wednesday that the country’s gross domestic product (GDP) fell 0.3 percent m-o-m in April, following a revised 1.3 percent m-o-m advance in March (originally a 1.1 percent m-o-m increase).

This marked the first monthly decline in 12 months and was better than economists’ forecast for a 0.8 percent m-o-m drop. Total economic activity remained at about 1 percent below its pre-pandemic level.

In y-o-y terms, the Canadian GDP surged 20.0 percent in April.

According to the report, a decline in services-producing industries (-0.6 percent m-o-m) in April more than offset a gain in goods-producing industries (+0.5 percent m-o-m). Overall, 12 of the 20 industrial sectors were down in April.

It was also reported that preliminary data indicates an approximate 0.3 percent m-o-m drop in real GDP for May.