The Canadian economy shrank by 0.3 percent in April, the first decline in 12 months, the state statistics agency said on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 30th June, 2021) The Canadian economy shrank by 0.3 percent in April, the first decline in 12 months, the state statistics agency said on Wednesday.
"Real gross domestic product (GDP) contracted 0.3 percent in April after 11 consecutive monthly increases," Statistics Canada said in its monthly economic report.
However, the decline was smaller than expected, the agency noted. In its March report, Statistics Canada projected a 0.8 percent contraction.
The largest declines were recorded in the retail - hit by reintroduced lockdowns across the country in April - and manufacturing sectors, the report said. Losses were partially offset by gains in the public and construction sectors.
The Canadian economy remains 1 percent below pre-pandemic levels, the agency said.
Canada expects its GDP and employment levels to reach pre-pandemic levels at some point during 2021, according to the Federal budget delivered in April.
