FINWIRES · TerminalLIVE
FINWIRES

Canada's Economy Expands 0.5% in April on Strength in Goods-Producing Industries

By

Real gross domestic product (GDP) grew 0.5% in April, after contracting 0.1% in March, reports Statistics Canada.

Goods-producing industries rose 1.2% in April, helped by mining, quarrying, and oil and gas extraction. The sector jumped 2.9% in April, the largest monthly growth rate since February 2024's 3.2%, more than offsetting March's 1.4% contraction.

Services-producing industries edged up 0.3%, the third monthly increase in a row. StatsCan said the increase was due to growth in the public sector and transportation and warehousing.

Overall, 14 of the 20 industrial sectors advanced in April, the agency reported.

The manufacturing sector rose 0.6% in April, while the construction sector edged up 0.7%, reversing four consecutive monthly declines.

StatsCan estimates real GDP by industry increased 0.1% in May. This estimate will be updated on July 31.

Related Articles