CANADA'S ECONOMY EXPANDS 0.3% IN APRIL

Canada's gross domestic product increased 0.3% in April, matching market expectations, as growth rebounded in sectors including wholesale trade and manufacturing, and the economy likely expanded further in May. Analysts had forecast 0.3% GDP growth in the month, after growth stalled in March.

The growth in April, fastest since the 0.5% clocked in January, was driven by rebounds in wholesale trade, mining, quarrying, and oil and gas extraction and manufacturing sectors. In a preliminary estimate for May, Statscan said GDP was likely up 0.1%, as increases in manufacturing, real estate related activities, and finance and insurance were partially offset by decreases in retail trade and wholesale trade.

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