Canada: Canadian economy expands 0.2% in April

The Canadian economy grew by 0.2% in April according to Statistics Canada, slowing from the 0.5% GDP growth seen in March.

Despite the slowdown, the growth figures were considered encouraging, with the growth occurring despite a slowdown in the oil and manufacturing sectors.

Oil and gas saw a 0.8% reduction, primarily due to a fire which shut down Syncrude oil sands facility, while, the manufacturing sector also experienced a decline, down by 0.9%. Despite this, most other major industries grew, resulting in a sixth consecutive month of growth. Overall, the Canadian economy has grown 3.3% in the past year.

"Oil and gas saw a 0.8% reduction, while, the manufacturing sector also experienced a decline, down by 0.9%. Despite this, most other major industries grew, resulting in a sixth consecutive month of growth."

Bank of Montreal Economist Dough Porter praised the growth, stating that “…the economy managed to churn out this still-decent growth even amid a three-month retreat in oil production, and still has far and away the fastest growth rate among the major industrialized economies over that stretch”.

 

Upcoming Events
07
Apr
20
New Zealand Banking Innovation Summit
Auckland, Auckland, New Zealand
07
Apr
20
New Zealand Banking Innovation Awards
Auckland, Auckland, New Zealand
27
May
20
Australian Banking Innovation Summit 2020
The Rocks, NSW, Australia
See all upcoming events
map4
Subscribe to receive insights delivered straight to your inbox
Latest news, unbiased expert analysis and insights across banking and finance