Canada’s GDP was essentially unchanged in March, matched expectations. Both goods-producing and services-producing industries were essentially unchanged. Overall, 11 of 20 sectors increased in the month.
Advance estimate suggests that GDP rose 0.3% mom in April. Increases in manufacturing, mining, quarrying, and oil and gas extraction and wholesale trade were partially offset by decreases in utilities.
In Q1, GDP increased 0.4% qoq, Higher household spending on services was the top contributor to the increase in GDP, while slower inventory accumulations moderated overall growth.
