Canadian economy grows 5.6pc in first quarter, seen down 0.8pc in April
- In a preliminary estimate, Statistics Canada said the economy would have contracted 0.8% in April. By contrast, the economy expanded 1.1% in March, the 11th consecutive monthly gain, as 18 of 20 sectors posted increases.
OTTAWA: Canada's economy grew 5.6% on an annualized basis in the first quarter, missing analysts' expectations, and is expected to have contracted in April for the first time in a year as strict public health measures weigh, Statistics Canada data showed on Tuesday.
In a preliminary estimate, Statistics Canada said the economy would have contracted 0.8% in April. By contrast, the economy expanded 1.1% in March, the 11th consecutive monthly gain, as 18 of 20 sectors posted increases.
Analysts polled by Reuters had predicted an annualized gain of 6.7% in the first quarter, with the economy growing 1.0% in March from February.
Many Canadian provinces imposed business closures and stricter public health restrictions in April amid a third wave of COVID-19 infections. By April, economic activity was likely about 2% below pre-pandemic levels, Statscan said.
The Canadian dollar steadied at about near 1.2030 per US dollar, or 83.13 US cents, up 0.3% on the day.
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