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| Authored by: David on Thursday, June 30 2005 @ 01:30 PM CDT |
"The economy got a boost from a rebound in oil extraction, higher retail sales, and the end of strikes by post-secondary students in Quebec protesting tuition fee increases, the government agency said"
www.cbc.ca/story/business/national/2005/06/30/gdp-050630.html
Economy rebounds in April
Last Updated Thu, 30 Jun 2005 13:08:27 EDT
CBC News
Canadian economic activity grew by 0.4 per cent in April, rebounding from the decline of 0.1 per cent seen in March, Statistics Canada reported Thursday.
That's the strongest monthly growth since last June.
The economy got a boost from a rebound in oil extraction, higher retail sales, and the end of strikes by post-secondary students in Quebec protesting tuition fee increases, the government agency said.
Economists had been forecasting growth of between 0.3 per cent and 0.4 per cent for April.
On a year-over-year basis, the economy grew by 2.7 per cent.
Industrial production grew by 0.7 per cent in April. Manufacturers' output increased by 0.3 per cent as wood products manufacturing recovered from a March decline.
Oil and gas extraction jumped only 2.2 per cent as natural gas extraction dipped slightly on milder-than-usual weather.
Retailing activity gained 1.4 per cent in April, boosted by new car sales.
Analysts said the GDP report was relatively benign. "The Bank of Canada is unlikely to change its thinking as a result of this release, sticking to the sidelines for the time being before returning to tightening mode as the economy strengthens over the second half of 2005," said a commentary from TD Bank economist Eric Lascelles.
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- LOL! Authored by: Shaun T
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