Economy grew 0.3% in April, Statistics Canada reports

OTTAWA — Canadian economic growth rebounded in April, but early indications suggested it failed to maintain the momentum into May.

BMO chief economist Doug Porter said growth on balance was holding up a touch better than widely expected in 2024, but remained generally lacklustre. The Bank of Canada cut its key interest rate target earlier this month for the first time since the early days of the pandemic and while it is expected to cut its key interest rate again, the timing is uncertain.

Services-producing industries grew 0.3 per cent with the wholesale trade industry up two per cent in April. Retail trade also gained 0.5 per cent for the month.

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