Financial Post | Business

OTTAWA — A rebound in oil output helped deliver surprisingly strong Canadian economic growth of 0.3% in April after two months of soggy readings, according to Statistics Canada data released on Friday.

Declines in retail sales and manufacturing had led to expectations for a tepid reading on real gross domestic product. The median forecast in a Reuters survey was for 0.2% growth, and nine of 22 predictions were for no more than 0.1%.

The economy shrank by 0.2% in February and edged up by 0.1% in March.

Oil and gas output rose 2.4% in April after declines of 1.0% and 2.2% in February and March, respectively. All the increase was due to a recovery in crude oil extraction from maintenance and production difficulties in the previous two months.

Mining excluding oil and gas also grew 3.1%, adding to gains in March after an 8.4% decline in February. Wholesale, transportation and…

View original post 65 more words

Advertisements
Categories: Uncategorized | Leave a comment

Post navigation

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Create a free website or blog at WordPress.com.

%d bloggers like this: