Statistics Canada says real GDP down 0.1% in April as manufacturing slowed:
Statistics Canada says real gross domestic product edged down 0.1 per cent in April ...
bnnbloomberg.ca/business/economics/2025/06/27/statistics-canada-says-real-gdp-down-01-in-april-as-manufacturing-slowed/
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Canada's Economy Contracts Amid Rising U.S. TariffsReal GDP fell 0.1% in April as manufacturing dropped 1.9%, marking the steepest decline in two years due to tariff impacts.
Key FactsJun 27, 2025 · Reading time: ~45 sec.
Summary created with AI assistance · Source: bnnbloomberg.ca
Summary created with AI assistance · Source: bnnbloomberg.ca
- Canada’s real GDP declined slightly in April, driven mainly by significant losses in the manufacturing sector.
- U.S. tariffs targeted key industries such as steel, aluminum, and automotive, causing the largest production drop since April 2021.
- Service industries posted modest gains, including finance, public administration, and entertainment sectors.
- The Bank of Canada maintained interest rates but signaled potential cuts depending on the unfolding trade dispute.
However, an average growth rate of only around one per cent for the first half of the year as a whole, and weak momentum heading into the summer, suggests that slack in the economy is continuing to build and that further interest rate cuts from the Bank of Canada will be needed to support a recovery later in the year.— CIBC Senior Economist Andrew Grantham on Canada's economic outlook.
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