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Actual property and rental sector noticed the biggest month-to-month decline exterior of pandemic plunge
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OTTAWA — The Canadian economic system grew 0.3 per cent in April, matching analyst expectations, pushed largely by the oil and fuel sector, however most definitely contracted in Could, Statistics Canada knowledge confirmed on Thursday.
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Whereas the April month-on-month improve was in step with forecasts of analysts polled by Reuters, a flash estimate confirmed Canada’s gross home product doubtless declined 0.2 per cent in Could on decrease oil and fuel output amid common upkeep shutdowns.
In April, oil and fuel extraction rose 3.9 per cent, the biggest month-to-month improve since September 2020, buoyed by increased exercise throughout the board, Statscan mentioned. The mining sector additionally grew, led by potash.
Lodging and meals companies continued to rebound from pandemic-related restrictions, increasing 4.6 per cent, with exercise at eating places and bars surpassing pre-pandemic ranges for the primary time.
However the actual property and rental sector was a drag, down 0.8 per cent, the biggest month-to-month decline on report exterior March and April 2020, when the coronavirus pandemic took maintain.
The finance sector additionally contracted, falling 0.7 per cent, following elevated ranges of exercise in March, Statscan mentioned.
The Canadian greenback pared its decline after the information, buying and selling down 0.1 per cent at $1.29 in opposition to the U.S. greenback, or 77.52 U.S. cents.
Surging crude and commodity costs are anticipated to buoy Canada’s economic system this yr, at the same time as a looming financial storm threatens to tip its fellow G7 wealthy nations into recession.
© Thomson Reuters 2022
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