Canada’s economy ticked up in April, but manufacturing dipped
The latest economic report comes amid increased speculation that the Bank of Canada could raise its key interest rate target next month
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OTTAWA—Statistics Canada says the economy grew 0.2 per cent in April compared with an increase of 0.5 per cent in March.
The result matched the expectations of economists, according to Thomson Reuters.
The growth came as service-producing industries increased 0.3 per cent, helped by widespread gains.
Meanwhile, Statistics Canada says goods-producing industries were essentially unchanged for the month as an improvement by mining, quarrying, and oil and gas extraction was largely offset by a drop in manufacturing.
The latest economic report comes amid increased speculation that the Bank of Canada could raise its key interest rate target next month.
Bank of Canada governor Stephen Poloz has repeated in recent days that interest rate cuts made in 2015 have done their job and noted that the economy enjoyed surprisingly strong growth in the first quarter of the year.