Canada’s real gross domestic product increased by 0.1% to $1.57 trillion in April – the fourth consecutive monthly increase – according to Statistics Canada data released this morning.
The gain was driven by increases in the service industries, which grew by 0.3%, with almost all major categories seeing growth. Most notably, finance and insurance services grew by 0.6% to $105.4 billion.
Goods production dropped by 0.3%. This was led by a 1.5% dip in mining, quarrying and oil and gas extraction, which had seen consistent monthly increases since October 2012.
Year-over-year, real GDP growth for all industries was 1.4%.
The biggest gains in April when compared with the previous month were in:
- arts, entertainment and recreation (up 3.4%);
- wholesale trade (up 0.6%); and
- finance and insurance (up 0.6%).
