Statistics
Canada announced on Friday that the Canadian gross domestic product (GDP) grew
0.3 per cent m-o-m in April, following
an unrevised flat m-o-m performance in the previous month. This was the strongest monthly increase
in Canada’s GDP since January (+0.5 per cent m-o-m). Economists had forecast a
0.3 per cent m-o-m expansion for April.
In y-o-y terms,
the Canadian GDP grew 1.1 per cent in April.
According to
the report, both services-producing (+0.3 per cent m-o-m) and goods-producing
(+0.3 per cent m-o-m) businesses supported the April expansion. Overall, 15 of the 20
industrial sectors recorded increases in the reviewed period, led by wholesale
trade (+2.0 per cent m-o-m), mining, quarrying, and oil and gas extraction (+1.8
per cent m-o-m), and accommodation and food services (+1.2 per cent m-o-m). Meanwhile,
management of companies and enterprises (-1.9 per cent m-o-m), construction (-0.4 per cent m-o-m), and administrative
and support, waste management and remediation services (-0.4 per cent m-o-m) registered
the biggest declines.
It was also
reported that preliminary data indicates that real GDP edged up 0.1 per cent m-o-m in May, reflecting advances
in manufacturing, real estate and rental and leasing, and finance and insurance that
were partially offset by decreases in retail trade and wholesale trade.