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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
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28 June 2019

Canada shows a 0.3% economic growth in April

 In April, Canada's GDP was up by 0.3%, following a 0.5% hike seen in March, Statistics Canada says.

The main driver of the increase was a 0.5% hike  in oil and gas extraction, as output rose after production cuts in Alberta which started in January. Higher oil prices supported the expansion.

In addition to it, wholesale trade and the construction sector also showed increases. Meanwhile, manufacturing fell by 0.8%, partially because of temporary shutdowns at certain motor vehicle operations.

The stronger growth points to a sharp direction shift since the start of 2019 and end of 2018. Moreover, it was larger than predicted.

The annual growth of Canada's economy reached 0.4% in Q1, which is the lowest back-to-back quarters result since 2015.

The real revised GDP growth in the previous quarter was only 0.3%, marking the weakest two-quarter increase since oil prices drop which led to economic slowdown in 2015.

According to TD senior economist Brian DePratto, the national economy is shifting from 2018 slowdown. He expects 2.5% growth in Q2.

However, he believes not all sectors showed improvements with retail in a neutral zone and manufacturing drop which may exceed auto shutdowns.

"Fortunately, we have energy. Without its higher activity, supported by weaker production restrictions, it could be quite a pessimistic report”, - he noted.

 

 

 

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