June 30, 2017 / 12:52 PM / 2 years ago

Canada's economy grows 0.2 percent in April, solid start for second quarter

Toronto police place construction cones to close off streets surrounding Trump International Hotel and Tower in Toronto, Ontario early March 24, 2012 after glass panels fell off the building that is under construction on upper floors. REUTERS/Hyungwon Kang

OTTAWA (Reuters) - Canada’s economy grew by 0.2 percent in April on widespread strength, Statistics Canada said on Friday, indicating a solid start to the second quarter as the Bank of Canada mulls a hike in interest rates next month.

The increase - which matched the forecast of analysts in a Reuters poll - marked the sixth consecutive month of growth after a long slump caused when oil prices crashed in 2014.

The Bank of Canada cut rates twice in 2015 to keep the economy on track. This week two top policymakers at the central bank said that strategy had worked, ramping up market expectations for a rate rise in July.

Statscan said 14 out of 20 sectors grew in April. Service-producing industries posted a 0.3 percent gain while the goods sector was largely unchanged as growth in mining, quarrying and oil and gas extraction was largely offset by a decline in manufacturing.

Wholesale and retail trade both increased while arts, entertainment and recreation jumped by 2.8 percent, in part because five Canadian hockey teams took part in the first round of play-offs.

Reporting by David Ljunggren; Editing by Bernard Orr

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below