GDP in April 2022 courtesy Statistics CanadaClick image to enlarge

Monthly Gross Domestic Product (GDP) increased by 0.3 per cent in April, making the seventh consecutive monthly growth, according to the latest date from Statistics Canada.

The manufacturing of durable goods led the way with growth of 0.8 per cent and seven of ten subsectors posting increases. The strong growth in the durable goods sector helped offset a decrease in non-durable goods manufacturing, which was down 0.2 per cent in April.

Overall, the Canadian economy also grew by 0.3 per cent in April, following a 0.7 per cent expansion in March, led by the mining, quarrying and oil extraction sector. Thirteen of 20 industrial sectors expanded in April.

Advance information indicates the growth halts in May, however, with  real GDP decreasing 0.2%. Output was down in the mining, quarrying and oil and gas extraction, manufacturing and construction sectors. This is a preliminary estimate and will be updated on July 29 with the release of the official GDP data for May.

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