Canadian economy steady in April as real GDP remains unchanged, StatCan reports

OTTAWA –

Statistics Canada says the Canadian financial system remained primarily unchanged in April, following a slight uptick in March.

The federal company’s advance estimate suggests actual gross home product grew 0.4 per cent in May, led by the manufacturing and wholesale commerce sectors.

The April determine got here in decrease than anticipated by Statistics Canada as services-producing industries had been unchanged whereas goods-producing industries edged up 0.1 per cent.

The Canadian financial system is basically anticipated to stall within the latter half of this 12 months and even probably enter a downturn as excessive rates of interest weigh on customers and companies.

Still, some sectors have continued to publish progress, with Statistics Canada reporting mining, quarrying, and oil and gasoline extraction grew 1.2 per cent in April as all subsectors had been up — the fourth consecutive month of progress within the sector.

Yet wholesale commerce contracted for the third consecutive month in April, falling 1.4 per cent as exercise declined in six of 9 subsectors.