Canada: GDP growth slows in April
June 28, 2013
In April, GDP increased a seasonally adjusted 0.1% over the previous month. The figure was below the 0.2% rise tallied in March but came in line with market expectations. According to Statistics Canada, a contraction in mining, quarrying, and oil and gas extraction was more than offset by an expansion in the other services category.
On an annual basis, GDP rose 1.4% in April, which was below the 1.7% expansion observed in March. The trend deteriorated, with annual average variation in GDP inching down from 1.7% in March to 1.6% in April.
According to its April Monetary Policy Report, the Central Bank projects the economy to grow 1.5% this year and 2.8% in 2014. FocusEconomics Consensus Forecast panellists are slightly more optimistic and expect the economy to grow 1.8% in 2013, which is unchanged from last month's estimate. For 2014, the panel expects the economy to expand 2.5%.