Canada’s economy rebounded in April, StatCan data shows
The Canadian economy bounced back from a soft end to the first quarter, Statistics Canada said Friday.
Real gross domestic product (GDP) grew 0.3 per cent in April, the agency said, in line with its initial estimates. Early expectations have growth holding positive in May, but easing to a rate of 0.1 per cent.
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Wholesale trade, mining, quarrying, manufacturing and oil and gas extraction industries were all up in the month, StatCan said. The arts, entertainment and recreation sectors were also buoyed by four Canadian teams vying for the Stanley Cup as the NHL playoffs began in the month, the agency noted.
April figures are up from flat growth in March, as the Canadian economy got off to a hot start in 2024 but showed signs of waning at the end of the first quarter.
The Bank of Canada will be analyzing GDP results, alongside fresh data on inflation and the jobs market, as it weighs where to take its benchmark interest rate next after an initial 25-basis-cut earlier this month.