Statistics Canada announced on Thursday that the Canadian gross domestic
product (GDP) grew 0.3 percent m-o-m in April, following an unrevised 0.7
percent m-o-m expansion in March.
This marked the eleventh straight monthly rise in Canada’s GDP and the weakest
one in three months. Economists had predicted a 0.3 percent m-o-m growth.
In y-o-y terms, the Canadian GDP expanded 5.0 percent in April.
According to the report, both goods-producing (+0.9 percent m-o-m) and
services-producing (+0.1 percent m-o-m) businesses supported the April growth.
Overall, 13 of the 20 industrial sectors witnessed expansions in April,
led by such sectors as arts, entertainment and recreation (+7.0 percent m-o-m),
accommodation and food services (+4.6 percent m-o-m), mining, quarrying and oil
and gas extraction (+3.3 percent m-o-m), and transportation and warehousing
(+2.2 percent m-o-m). Meanwhile, the management of companies and enterprises (-2.0
percent m-o-m), real estate, rental and leasing (-0.8 percent m-o-m), and finance
and insurance (-0.7 percent m-o-m) sectors saw the largest declines.
It was also reported that preliminary data indicates that real GDP shrank
0.2 percent m-o-m in May.