TORONTO (Pakistan Point News / Sputnik - 01st June, 2021) The Canadian economy grew by 1.1 percent in March but is expected to decline for the first time in a year in April, the state statistics agency said on Tuesday.
"Real gross domestic product (GDP) grew 1.1% in March, following 0.4% growth in February," Statistics Canada said in its monthly economic report. "Preliminary information indicates an approximate 0.8% decline in real GDP in April, the first decline since April 2020."
The Canadian economy remains 1 percent below pre-pandemic levels, the agency noted.
The moderate rise in economic activity was spurred by retail trade and new construction. Preliminary information, however, indicates that declines in retail trade, manufacturing and real estate, as a result of the third wave of the pandemic in the country, will impede the Canadian economy next month.
Canada expects its GDP and employment levels to reach pre-pandemic levels at some point during 2021, according to the Federal budget delivered last month.
