The Canadian economy bounced back to expansion in the spring months, recovering from a winter stagnation and quieting the debate about a potential recession.
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Real gross domestic product jumped by 0.5 per cent between March and April, with a preliminary estimate for May showing an additional 0.1-per-cent gain .
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“The industry expanded 6.6 per cent in April as lower crude bitumen extraction was more than offset by higher synthetic crude oil production, which rebounded following longer than anticipated unscheduled maintenance that tempered the growth through the first three months of the year,” said Statistics Canada’s latest report,
Industries outside of natural resources also expanded, including the manufacturing sector (0.6%) and the public sector (0.4%). Federal government public administration grew for the first time in four months, defence services grew for the seventh consecutive month.
Fourteen of 20 industries saw growth in April, including gains in the construction and manufacturing sector.
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April’s GDP growth was slightly higher than the 0.4 per cent growth that Statistics Canada predicted in its previous report.
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As an addition, unemployment rate is slightly down in May by 0.3 percentage points month-on-month o 6.6% as employment increases by 0.4% to 21,122,000.
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