Canada Sees Economic Boost From Mfg

A rebound by Canada’s manufacturing sector helped the economy grow by a stronger-than-expected 0.4% in April after two months of contraction, The New York Times reports.  Economists however see the growth remaining weak for the rest of the year. 

Statistics Canada’s report on April’s gross domestic product, showed growth beat market expectations of a 0.3% climb after declines in March and February of 0.2% and 0.3%, respectively.  The economy shrank in the first quarter for the first time since the second quarter of 2003, by an annualized 0.3%.

Manufacturing expanded 1.9% in April, not enough to regain the 2.4% decline in the previous month.  The strength in manufacturing was widespread but motor vehicle production contributed the most with a 7% jump versus a 12.8% drop in March.