Key facts
- Canada's Gross Domestic Product grew by 0.5% in April on a month-on-month basis.
- This marks the largest monthly expansion in nine months.
- The goods-producing sector saw a 1.2% growth, with mining, quarrying, and oil and gas extraction rising 2.9%.
- Construction and manufacturing sectors also posted growth of 0.7% and 0.6% respectively.
- Services-producing industries grew by 0.3%, with transportation and warehousing up 0.9%.
Canada's economy rebounded in April with a 0.5% month-on-month growth, exceeding analyst expectations and following a 0.1% contraction in March. This expansion, the largest in nine months, suggests that concerns about a tariff-led slowdown becoming more entrenched may be overstated. The goods-producing sector saw a significant 1.2% increase, driven by a 2.9% rise in mining, quarrying, and oil and gas extraction. Construction and manufacturing also contributed positively with 0.7% and 0.6% growth, respectively. Services-producing industries, which form the larger part of the economy, grew by 0.3%, with transportation and warehousing showing a 0.9% increase. An initial estimate indicates a further 0.1% growth for May.