Canada: Canadian economy expands 0.2% in April

The Canadian economy grew by 0.2% in April according to Statistics Canada, slowing from the 0.5% GDP growth seen in March.

Despite the slowdown, the growth figures were considered encouraging, with the growth occurring despite a slowdown in the oil and manufacturing sectors.

Oil and gas saw a 0.8% reduction, primarily due to a fire which shut down Syncrude oil sands facility, while, the manufacturing sector also experienced a decline, down by 0.9%. Despite this, most other major industries grew, resulting in a sixth consecutive month of growth. Overall, the Canadian economy has grown 3.3% in the past year.

"Oil and gas saw a 0.8% reduction, while, the manufacturing sector also experienced a decline, down by 0.9%. Despite this, most other major industries grew, resulting in a sixth consecutive month of growth."

Bank of Montreal Economist Dough Porter praised the growth, stating that “…the economy managed to churn out this still-decent growth even amid a three-month retreat in oil production, and still has far and away the fastest growth rate among the major industrialized economies over that stretch”.

 

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