Canada’s Economy Expands 0.3% In April

Written by priyadarshinee

Published on : June 28, 2019 11:41




Canada’s gross domestic product expanded by 0.3 per cent in April, following a 0.5 per cent increase in March, Statistics Canada reported on Friday.

The economy was boosted by a 5.5 per cent rise in oil and gas extraction, as output increased following production cuts in Alberta that started in January 2019. Higher oil prices helped encourage expansion.

Wholesale trade and the construction sector grew, but manufacturing contracted by 0.8 per cent, in part because of temporary shutdowns at some motor vehicle operations.

The stronger growth marks a turnaround since the beginning of 2019 and the end of 2018 and was higher than economists had expected.

Canada’s economy expanded at an annualized pace of just 0.4 per cent in the first three months of the year, giving the country its weakest back-to-back quarters of growth since 2015.

The real gross domestic product reading for the first quarter followed a revised growth number of just 0.3 per cent in the previous quarter, the slowest two-quarter stretch of growth since an oil-price plunge caused the economy to shrink over the first half of 2015.



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