The Canadian economy grew 0.1 per cent in April, matching the rate of growth in March. At the industry level, growth was led by higher output in wholesale and retail trade while declines in mining, oil and gas, and construction dragged growth lower.
Given available data, the Canadian economy is on track to grow about 2 per cent in the second quarter. A modest but welcome acceleration from 1.2 per cent in the first quarter. Faster growth in the United States should help to nudge the Canadian economy into a higher gear in the back half of the year, with GDP ultimately expanding by around 2.5 per cent in 2014.
Copyright BCREA – reprinted with permission