Highlights of the April Canadian GDP report:
- Prior was +0.14% (unrevised)
- Fourth consecutive month of growth
- Retail trade +0.8%
- Output fell in all goods-producing sectors aside from manufacturing
- Oil and gas extraction decreased 0.8% as a result of declines in both oil and natural gas
- Mining and quarrying (excluding oil and gas extraction) fell 1.3%
- Construction -0.6%
- Full report
This report is better than it looks at first blush. The miss is related to oil, gas and mining which is isolated and not indicative of the broader trend. If you exclude mining and construction then growth would have been right on expectations. Unrounded growth rose 0.141% so with a few more ticks the rounded number would have matched expectations.
