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article imageCanada's real gross domestic product declined in April

By Bob Ewing     Jul 3, 2009 in Business
Real gross domestic product declined 0.1% in April, following decreases of 0.3% in March and 0.1% in February, and more pronounced declines between November 2008 and January 2009.
The energy sector and retail trade were the main contributors to the April decrease while increases in the activities of real estate agents and brokers and wholesale trade mitigated the drop.
The declines in manufacturing (-1.0%) were widespread,. Both durable (-0.4%) and non-durable goods (-1.8%) manufacturing retreated.
Thee manufacturing of primary metal, petroleum and coal, food, paper and wood products all posted significant drops while foreign demand remained weak.
It was not all bad news, however, motor vehicle and parts, along with computer and electronic product manufacturing, advanced.
Declines in natural gas extraction, refining, coal mining, and pipeline transportation drew the sector down and overall the output of the energy sector retreated 0.5% in April.
Krishen Rangasamy, Economist, CIBC World Markets said. "There were no major surprises in April’s GDP report, which matched consensus expectations of a small drop, with manufacturing and mining continuing to lead in terms of output curtailment. While the pace of economic contraction is slowing, we’re not out of the woods just yet. With auto plant shutdowns and the strong currency causing lots of damage in May and June, expect GDP weakness to persist through the second quarter."
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