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Canadian Economy Stalls In April

(RTTNews) – Canada’s real gross domestic product was unchanged in April after seven consecutive monthly increases, official data revealed Wednesday.

Economic growth tailed off in April, compared with the prior reported expansion of 0.6% back in March, according to Statistics Canada.

Economists expected the Canadian economy to grow 0.2% in April.

The decline in the pace of growth signals that Canada is starting to feel the headwinds blowing in Europe and the US, two of the nation’s biggest trading partners.

A large decline in retail trade and smaller declines in manufacturing and utilities were offset by increases in mining and wholesale trade.

Retail trade fell 1.7% in April, following a 1.9% gain in March. Significantly lower volume of activity was recorded by retailers in the automotive sector, notably by new car dealers. Clothing sales also fell sharply.

Manufacturing pulled back for the first time since last August.

Last week, the Canadian government’s survey of economists predicted that the nation’s should grow by 3.5% this year, up from an estimate of 3.1% in the previous survey.

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