UPDATE - Canada's economy grows 0.3% in April, in line with estimates

UPDATES WITH ADDITIONAL FIGURES

By Ovunc Kutlu

ISTANBUL (AA) - Canada's real gross domestic product (GDP) grew 0.3% in April, the country's statistical body said Friday.

The figure came in line with market expectations, after no change in March.

In April, 15 of 20 sectors showed increases in the month, while both goods-producing and services-producing industries contributed to the growth with a gain of 0.3% each.

"Wholesale trade, mining, quarrying, and oil and gas extraction and manufacturing were the largest contributors to growth in April after recording declines in the previous month," Statistics Canada said in a statement.

"Following two consecutive monthly decreases, retail trade was also among the top drivers of growth in April, led by food and beverage retailers and gasoline stations which rebounded from declines recorded in previous months," it added.

- Oil, gas subsector grows 6th time in 7 months

Statistics Canada said wholesale trade expanded 2% in April, which more than offset the decline in March. Personal and household goods increased 3.5%, further contributing to the sector's growth.

Mining, quarrying, and oil and natural gas extraction rose 1.8%, mostly due to increases in supporting activities for mining and oil and gas extraction that soared 6.9%.

The oil and natural gas extraction subsector grew 1.2%, up for the sixth time in seven months, with the increase largely driven by oil sands extraction.

The manufacturing sector expanded 0.4%, after contracting for two consecutive months. Durable goods manufacturing grew 0.6%, following coming off four consecutive months of declines and contributing the most to the manufacturing sector's growth.

"Non-durable goods manufacturing rose 0.2% in April following two consecutive monthly declines," said the statement.

Chemical manufacturing contributed the most to growth with an increase of 2.6%.

Finance and insurance increased 0.4%, recovering from a 0.3% decline in the previous month.

"Financial investment services, funds and other financial vehicles increased 1.5% in April, reflecting volatility in financial markets that occurred in the month," the statement said.

Statistics Canada noted that ongoing geopolitical tensions and uncertainty regarding interest rate announcements led to higher-than-normal activity in North American markets in April.