RTTNews - Tuesday morning, Statistics Canada released its report on Canadian gross domestic product in the month of April, showing a modest contraction in economic activity that came in line with economist estimates.
The report showed that gross domestic product declined 0.1 percent in April following a 0.3 percent decrease in March and a 0.1 percent drop in February. Economists had been expecting GDP to dip by 0.1 percent.
Statistics Canada said that the modest decrease reflected declines in manufacturing, the energy sector and retail trade. At the same time, increases in the activities of real estate agents and brokers and wholesale trade mitigated the drop.
Manufacturing activity fell by 1.0 percent, reflecting contractions in 15 of the 21 major groups. Weakness was visible in both durable and non-durable goods manufacturing, which fell by 0.4 percent and 1.8 percent, respectively.
The report also showed that energy sector output fell by 0.5 percent, reflecting significant declines in natural gas extraction, refining, coal mining, and pipeline transportation.
While retail trade also fell 0.6 percent amid reduced activity at food and beverage stores and new and used car dealers, the output of real estate agents and brokers advanced 8.2 percent in April.
Despite the continued increase in real estate output, activity in the industry is still 6 percent below its September 2008 peak.
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