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.
Author: Robert Hill, Economist