In April, Canada’s economy grew by 1.1% annually, in line with advance estimates and analyst expectations. Real gross domestic product (GDP) also increased by 0.3% on a monthly basis in April, with growth seen across 15 of 20 sectors. Manufacturing, mining, quarrying, oil and gas extraction, and wholesale trade drove the growth. Retail trade was another sector that contributed to the growth, especially food and beverage retailers and gasoline stations which had seen declines in March.
According to Statistics Canada, GDP grew by 0.1% in May, driven by increases in manufacturing, real estate, rental and leasing, finance, and insurance. These results indicate that second-quarter growth is tracking at an annualized rate of 1.8%, surpassing the Bank of Canada’s projection of 1.5%. However, first-quarter GDP growth came in at 1.7%, falling short of the central bank’s forecast of 2.8%.
The data suggests that there is positive momentum in various sectors of the Canadian economy. As a journalist covering economic news for Yahoo Finance app for Apple and Android devices will bring you updates on this topic as they become available from senior reporter Alicja Siekierska @alicjawithaj
