Canada’s real GPD shows solid expansion of 0.3 percent in April
Date
6/30/2024 4:40:18 AM
(MENAFN) Canada's real gross domestic product (GDP) showed a solid expansion of 0.3 percent in April, according to data released by Statistics Canada on Friday. This growth met market expectations following no change in March, reflecting a broad-based recovery across various sectors of the economy.
In April, 15 out of 20 sectors experienced growth, contributing to the overall economic uptick. Both goods-producing and services-producing industries contributed equally to the 0.3 percent GDP increase.
Key sectors that drove growth included wholesale trade, mining, quarrying, oil and gas extraction, and manufacturing. These industries rebounded strongly in April after facing declines in previous months, bolstering overall economic performance.
Retail trade also played a significant role in April's growth, particularly driven by food and beverage retailers and gasoline stations. These sectors saw a resurgence following declines in prior months, highlighting increased consumer spending and economic activity.
Statistics Canada noted that after two consecutive monthly decreases, retail trade rebounded robustly, underscoring resilience in consumer demand and economic recovery efforts.
Overall, April's GDP expansion underscores Canada's economic resilience and recovery trajectory, supported by a diverse range of sectors contributing to growth. The data indicates a positive momentum in the Canadian economy as it navigates through ongoing challenges and seeks sustained growth in the coming months.
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