Xinhua
01 Jul 2022, 02:44 GMT+10
OTTAWA, June 30 (Xinhua) -- Canada's real gross domestic product (GDP) growth slowed to 0.3 percent in April with an advance estimate of a 0.2 percent decline in May, Statistics Canada said on Thursday.
The small GDP growth in April, following a 0.7 percent expansion in March, was led by the mining, quarrying and oil and gas extraction sector and client-facing industries, according to the national statistics office.
The mining, quarrying and oil and gas extraction sector expanded 3.3 percent in April, the largest monthly growth rate since December 2020.
Oil and gas extraction rose 3.9 percent, a third consecutive monthly increase and the largest since September 2020, buoyed by higher activity across the board.
Oil sands extraction increased 5.6 percent in April, the largest monthly increase since September 2020. High levels of synthetic oil production and crude bitumen extraction in Alberta contributed the most to the growth. Oil and gas extraction (except oil sands) grew 1.6 percent, as both crude petroleum and natural gas extraction were up. Support activities for mining, and oil and gas extraction were also up 6.2 percent.
Mining and quarrying (except oil and gas) edged up 0.2 percent in April, as a result of increases in non-metallic mineral mining and quarrying, and in coal mining. Non-metallic mineral mining and quarrying increased 3.6 percent, fully offsetting a 2.9 percent decline in March, as potash mining led the growth, Statistics Canada said.
Market analysts expected the GDP growth to slow more significantly as high inflation and rising borrowing costs hurting households' spending power.
Get a daily dose of Calgary Monitor news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Calgary Monitor.
More InformationHAVANA - Flames engulfed a fourth tank at an oil storage facility in western Cuba on Tuesday as the raging ...
Vilnius, Lithuania - Lithuanian President Gitanas Nauseda discussed the challenges for his country caused by Russia's invasion of Ukraine earlier ...
Jonquel Jones' 21 points led five Connecticut scorers in double figures, and the Sun rolled past the host Los Angeles ...
Washington [US], August 10 (ANI): As Afghan refugees have been living in the US without a permanent legal status following ...
Washington [US], August 10 (ANI): Former US President Donald Trump will face questioning from the New York State attorney general's ...
Tenth-seeded Taylor Fritz was one of four Americans to win on Tuesday, defeating Andy Murray of Great Britain 6-1, 6-3 ...
OTTAWA, Ontario: Military trainers from Canada will head to the United Kingdom to teach Ukrainians new techniques for fighting the ...
The New York Red Bulls selected forward Tyler Pasher off waivers on Wednesday. The 28-year-old Canadian was waived by the ...
Toronto Maple Leafs great Borje Salming is battling ALS, or Lou Gehrig's disease. The team issued a statement from the ...
Daria Kasatkina suffered a first-round exit at the Canadian OpenThe media glare placed on Russian women's tennis number one Daria ...
The surging Los Angeles Dodgers will give new outfielder Joey Gallo every chance to prove himself, with another game in ...
The Baltimore Orioles have a chance to make the American League wild-card race squeaky tight Wednesday night as they go ...