Statistics Canada says real GDP grew 0.3% in April, tops expectations

The mining, quarrying and oil and gas extraction sector gained 4.5 per cent

The Canadian economy grew more than expected in April, helped by the oil and gas sector.

Statistics Canada says real gross domestic product grew 0.3 per cent in April, following a 0.5 per cent increase in March.

Economists had expected growth of 0.1 per cent for April, according to Thomson Reuters Eikon.

The mining, quarrying and oil and gas extraction sector gained 4.5 per cent, boosted by a 5.5 per cent rise in oil and gas extraction.

Oilsands extraction increased 11.0 per cent, while oil and gas extraction, excluding oilsands, was up 0.5 per cent.

The manufacturing sector pulled back 0.8 per cent, in April, the largest monthly contraction since August 2017.

ALSO READ: Bank of Canada survey suggests business sentiment picked up after declining

The Canadian Press

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