Tue, 09 Aug 2022

Canadian GDP grows 0.3 pct in April

Xinhua
01 Jul 2022, 02:44 GMT+10

OTTAWA, June 30 (Xinhua) -- Canada's real gross domestic product (GDP) growth slowed to 0.3 percent in April with an advance estimate of a 0.2 percent decline in May, Statistics Canada said on Thursday.

The small GDP growth in April, following a 0.7 percent expansion in March, was led by the mining, quarrying and oil and gas extraction sector and client-facing industries, according to the national statistics office.

The mining, quarrying and oil and gas extraction sector expanded 3.3 percent in April, the largest monthly growth rate since December 2020.

Oil and gas extraction rose 3.9 percent, a third consecutive monthly increase and the largest since September 2020, buoyed by higher activity across the board.

Oil sands extraction increased 5.6 percent in April, the largest monthly increase since September 2020. High levels of synthetic oil production and crude bitumen extraction in Alberta contributed the most to the growth. Oil and gas extraction (except oil sands) grew 1.6 percent, as both crude petroleum and natural gas extraction were up. Support activities for mining, and oil and gas extraction were also up 6.2 percent.

Mining and quarrying (except oil and gas) edged up 0.2 percent in April, as a result of increases in non-metallic mineral mining and quarrying, and in coal mining. Non-metallic mineral mining and quarrying increased 3.6 percent, fully offsetting a 2.9 percent decline in March, as potash mining led the growth, Statistics Canada said.

Market analysts expected the GDP growth to slow more significantly as high inflation and rising borrowing costs hurting households' spending power.

More Edmonton News

Access More

Sign up for Edmonton News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!