UPDATE 1-Canadian economy grew 0.1 percent in April on services

Fri Jun 28, 2013 8:44am EDT
 
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* Economy grows for fourth consecutive month

* Services stronger, while goods production is down

OTTAWA, June 28 (Reuters) - Canada's economy grew by 0.1 percent in April from March - the fourth consecutive month-on-month advance - on gains by service industries, Statistics Canada said on Friday.

The modest increase matched analysts' expectations. The Bank of Canada forecasts that second-quarter growth on an annualized basis will be 1.8 percent, down from the 2.5 percent in the first quarter.

The output of service industries expanded by 0.3 percent in April. Goods production fell by 0.3 percent on a decline in mining, quarrying and oil and gas extraction.

Wholesale trade and retail trade advanced by 0.6 percent and 0.5 percent, respectively, while the finance and insurance sector grew by 0.6 percent.

Manufacturing grew by 0.2 percent with durable goods output up by 0.5 percent on gains in computer and electronic products. Non-durable goods production dropped by 0.3 percent on declines in petroleum and coal products.

Graphic - Canada monthly GDP