Canada’s Economy Recovers in March as GDP Edges Up
(MENAFN) Canada’s economy showed signs of recovery in March, with real gross domestic product (GDP) by industry edging up 0.1%, rebounding from a 0.2% contraction in February, according to Statistics Canada’s latest data released Friday.
The national agency highlighted that the goods-producing sector was the primary driver behind the improvement. Growth in this area was led by a sharp rebound in mining, quarrying, and oil and gas extraction activities, as well as increased momentum in construction. These industries helped offset the previous month’s losses and supported a broader economic upswing.
Looking at the first quarter overall, Canada’s economy grew by 0.4%, matching the pace of expansion from the final quarter of 2024. Notably, this marks the first quarter since early 2022 in which goods-producing sectors outperformed services-producing industries as the main engine of economic growth. Despite this shift, services industries maintained steady progress, extending their growth streak to 19 consecutive quarters.
In addition, early projections from Statistics Canada indicate that the economy continued to grow modestly into April, with preliminary real GDP estimates suggesting a further 0.1% increase.
This gradual but persistent growth underscores Canada’s economic resilience amid ongoing global uncertainties, with resource extraction and infrastructure investment playing pivotal roles in sustaining momentum.
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