Canadian GDP rises in April, beats forecast. | CountingPips Forex & Currency Trading Blog

June 30, 2008 - Forex Economic News

Canadian GDP rises in April, beats forecast.

The Canadian Gross Domestic Product increased in April according to a report by Statistics Canada released today beating market forecasts and reversing two straight months of decline. Canadian GDP increased in April by 0.4 percent following a decline of 0.2 percent in each of March and February. April's GDP growth surpassed market forecasts predicting a 0.3 percent gain for the month. Contributing to the GDP gain were increases in manufacturing, wholesale trade, retail trade and financial services. Wholesale trade and manufacturing growth led the way with increases of 2.1 percent and 1.9 percent, respectively. Declining sectors in the Canadian economy for April were construction, utilities and the energy sector including oil and gas extraction. April's GDP numbers start the second quarter off on a positive note as Canada's GDP declined in the first quarter of 2008 by 0.1 percent for the first quarterly decline since 2003. May's GDP numbers will be released by Statistics Canada on July 31st.

Tags: cad, gdp, canada

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