Canada GDP April 2016

Canada

Canada: Monthly GDP sees narrow expansion in April

June 30, 2016

In April, monthly GDP rose 0.1% over the previous month in seasonally-adjusted terms. The tally followed the 0.2% decline recorded in March and was the highest reading in months. The reading was in line with market expectations and marks a return to expansion after having contracted in February and March. According to Statistics Canada, mining, quarrying, and oil and gas extraction dragged on output, while output from the service producing industry posted gains. Cooler weather in April increased demand for utilities, which helped to push up the overall figure. Lastly, the public sector also observed gains as growth in public administration increased.

On an annual basis, GDP grew 1.5% in April, an acceleration from March’s 1.2% expansion. The overall trend edged up to 0.9% growth, up from 0.8% in March.

According to its July Monetary Policy Report, the Central Bank projects that the economy will grow 1.3% in 2016 and 2.2% in 2017. FocusEconomics Consensus Forecast panelists expect the economy to grow 1.6% in 2016, which is up 0.1 percentage points from last month’s estimate. For 2017, the panel expects the economy to expand 2.1%.


Author:, Economist

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Canada Monthly GDP April 2016

Note: Month-on-month changes of seasonally-adjusted GDP and year-on-year variation in %.
Source: Statistics Canada (SC) and FocusEconomics calculations.


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