Published on 06/30/2023 at 11:24
April’s numbers came in weaker than Statistics Canada had expected. (Photo: The Canadian Press)
OTTAWA – Canada’s economy remained essentially stable in April after edging up slightly in March, Statistics Canada said on Friday.
According to the federal agency, gross domestic product rose 0.4% in May, driven by manufacturing and wholesale trade. However, this preliminary estimate will be revised ahead of the release of official data, which is expected in a month.
April’s numbers came in weaker than Statistics Canada had expected. The output of the service-producing industries remained unchanged, while that of the goods-producing industries increased by 0.1%.
Economists generally expect Canada’s economy to falter and even contract in the second half of the year as high interest rates weigh on consumer spending and businesses.
Despite everything, some sectors continued to make progress in April. The mining, quarrying and oil and gas exploration group grew 1.2%, supported by all of its sub-sectors. It was the fourth consecutive month of growth.
However, the wholesale sector contracted for the third straight month in April, falling 1.4% as activity fell in six of its nine sub-sectors.
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