Oil rebound drives strong GDP gain, as Canadian economy moves to more solid footing

Reuters

Gains mark the strongest two-month increase since the end of 2017

Canada’s economy grew by a greater-than-expected 0.3 per cent in April, the second strong performance in a row, suggesting a recent slowdown is ending, Statistics Canada data indicated on Friday.

That marks the strongest two-month increase since the end of 2017.

The gains were driven by rebounding oil output that is returning the nation’s economy to a more solid footing.

Analysts in a Reuters poll had predicted GDP expansion of 0.1 per cent in April after a 0.5 per cent increase in March. The overall two-month growth was the greatest since November and December 2017.

• Evidence Canadian economy exiting soft patch as wholesalers post fastest 2-month gain since 2015
• Inflation surges to highest in seven years, giving Bank of Canada room to hold rates
• Canada’s economy will have a sub-par year for growth, RBC forecasts

full story at https://business.financialpost.com/news/economy/canadian-economy-appears-to-be-emerging-from-slow-patch-as-gdp-grows-more-than-expected?video_autoplay=true

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