Canada’s GDP grows 0.3% in April, despite rise in interest rates
Posted June 30, 2022 6:47 am.
Last Updated June 30, 2022 8:38 am.
Canada’s economy keeps growing, according to Statistics Canada, which revealed the Gross Domestic Product jumped by 0.3 per cent in April.
The increase is led by the mining and oil and gas sector, which has seen the largest monthly growth rate since December 2020.
The accommodation and food services sector also expanded for the third straight month, passing the pre-COVID-19 levels typically seen in April.
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The agency says that is driven by increased travel as pandemic restrictions eased.
Canada April GDP rises 0.3% (est. up 0.3%)…led by mining and oil&gas extraction.
Follows 0.7% gain in MarchMay Flash Forecast GDP down 0.2%
Source: Stats Canada— Mike Eppel (@eppman) June 30, 2022
The accommodation and food services sector added 4.6 per cent, while the arts, entertainment and recreation sector rose 7.0 per cent.
