Canada’s GDP grows 0.3% in April, despite rise in interest rates

Canada’s economy keeps growing, according to Statistics Canada, which revealed the Gross Domestic Product jumped by 0.3 per cent in April.

The increase is led by the mining and oil and gas sector, which has seen the largest monthly growth rate since December 2020.

The accommodation and food services sector also expanded for the third straight month, passing the pre-COVID-19 levels typically seen in April.

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The agency says that is driven by increased travel as pandemic restrictions eased.

Canada April GDP rises 0.3% (est. up 0.3%)…led by mining and oil&gas extraction.
Follows 0.7% gain in March

May Flash Forecast GDP down 0.2%
Source: Stats Canada

— Mike Eppel (@eppman) June 30, 2022

The accommodation and food services sector added 4.6 per cent, while the arts, entertainment and recreation sector rose 7.0 per cent.