Canada: GDP decelerates in March
June 3, 2014
GDP increased a seasonally-adjusted 0.1% over the previous month in March, which was down slightly from the 0.2% expansion registered in February, but met market expectations. The print marked the lowest reading since December 2013. According to Statistics Canada, mining, oil and gas extraction and manufacturing were the sectors that drove the monthly increase and more than offset the contractions in retail sales and construction.
On an annual basis, GDP rose 2.1% in March, which was below the 2.3% expansion observed in February and represented the lowest pace of growth since July 2013. The overall trend was unchanged in March, with annual average variation in GDP remaining stable at February’s 2.2%.