April 2019 Canadian monthly GDP
- March was +0.5% (unrevised)
- GDP +1.5% y/y vs +1.6% expected
- Prior y/y reading +1.4% (unrevised)
- Goods producing +0.4% vs +0.8% m/m in March
- Service-producing +0.2% vs +0.4% in March
- Mining, quarrying, oil and gas added 0.35 percentage points to the gain as it rebounds following the dreadful run at year-end
- Wholesale trade added 0.08 pp
- Retail trade dragged 0.01 pp
- Full report
This month was really all about the rebound in oil & gas as that was pretty much the entire source of growth, as it rose 5.5%.
The disappointment was in manufacturing, which fell 0.8% in the worst contraction since Aug 2017. Transportation equipment was a big part of the story as the category fell 4.3% with motor vehicle manufacturing down 7.7% on temporary shutdowns and atypical production schedules. That may be seen as temporary but the market could want to wait and see how strongly it comes back.