Canada lost 1,100 jobs in April, jobless rate holds at 5.8%

According to Statistics Canada, the Canadian GDP grew by 3.3% in 2017, the strongest rate of growth in the past six years. GDP increased in every province and territory except for the Yukon, with Alberta, British Columbia, and PEI experiencing the strongest growth.

Alberta led the charge, growing by 4.9% last year on the back of expansion in both goods and services industries, supported by a modest recovery in oil prices. B.C. grew by 3.9% as a result of expanding services output, primarily in real estate and transport, and PEI grew 3.2%, with 18 out of 20 industry groups experiencing growth.

According to Robert Kavcic, Senior Economist at BMO, it is “vividly clear in these numbers that regional growth is converging, a stark change from wide disparities seen over the last decade”.

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