Lower oil/gas dampens GDP growth in April to 0.1%

REUTERS FILE/Todd Korol

REUTERS FILE/Todd Korol

REUTERS

, Last Updated: 9:27 AM ET

OTTAWA - Lower oil and gas production caused Canada’s economic growth to come in lower than expected at 0.1% in April, according to Statistics Canada data released on Monday, matching March’s rise but below the 0.2% forecast.

Taken to a second decimal point, real growth in gross domestic product was actually 0.14%. Excluding oil and gas extraction, it was a more respectable 0.19%.

Oil and gas production fell by 0.8% during the month, affected by maintenance at some petroleum facilities, Statistics Canada said. Mining and quarrying fell by 1.3%. All the data is adjusted for seasonal factors.

Service-producing industries rose by 0.3% while goods-producing industries fell by the same amount. In the goods sector, only manufacturing rose, with agriculture and forestry, utilities and construction all down, in addition to mining, oil and gas.

Year on year, overall growth stood at 2.1%.


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