Canada’s economy grew 0.3 per cent in April, as growth rebounded in sectors including wholesale trade and manufacturing, and the economy likely expanded further in May, Statistics Canada said.
The numbers matched analyst expectations after zero growth in March
Canada’s economy grew 0.3 per cent in April, helped by strength in several industries, including wholesale trade, oil and gas extraction and manufacturing, Statistics Canada said.
The data matched expectations as analysts polled by Reuters had forecast 0.3 per cent GDP growth in the month, after zero growth in March.
Statistics Canada says the growth in April came as 15 of 20 sectors grew for the month. It is the fastest growth since January’s 0.5 per cent.
Wholesale trade was up two per cent in April, which more than offset a decrease in March, while mining and oil and gas extraction rose 1.8 per cent. The manufacturing sector grew by 0.4 per cent in April.
For May, Statistics Canada says early indications suggest real GDP rose 0.1 per cent that month as strength in manufacturing, real estate and rental and leasing and finance and insurance was partially offset by weakness in retail trade and wholesale trade.
More to come.