Canadian economy steady in April, real GDP remains unchanged

Ottawa –

Statistics Canada The Canadian economy said it remained essentially flat in April after slightly rising in March.

Real gross domestic product (GDP) rose 0.4 percent in May, led by the manufacturing and wholesale trade sectors, according to preliminary federal agency estimates.

April’s figures came in below Statistics Canada’s expectations as services-producing industries remained flat while goods-producing industries rose slightly by 0.1%.

Canada’s economy is widely expected to stall and even potentially slip into recession later this year as high interest rates weigh on consumers and businesses.

Still, some sectors continue to grow, with Statistics Canada reporting 1.2% growth in mining, quarrying and oil and gas extraction in April, with gains in all subsectors. It was the fourth straight month of growth for the sector.

However, wholesale trade contracted for the third month in a row in April, down 1.4% as activity fell in six of the nine subsectors.

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