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28.06.2024

Canada’s economy grows in line with expectations in April

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.

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