AIRLINK 172.90 Decreased By ▼ -2.83 (-1.61%)
BOP 13.22 Increased By ▲ 0.10 (0.76%)
CNERGY 7.42 Decreased By ▼ -0.12 (-1.59%)
FCCL 43.40 Decreased By ▼ -0.51 (-1.16%)
FFL 14.91 Decreased By ▼ -0.10 (-0.67%)
FLYNG 26.50 Decreased By ▼ -0.40 (-1.49%)
HUBC 129.41 Decreased By ▼ -0.82 (-0.63%)
HUMNL 13.30 Decreased By ▼ -0.04 (-0.3%)
KEL 4.45 Decreased By ▼ -0.05 (-1.11%)
KOSM 6.00 Decreased By ▼ -0.06 (-0.99%)
MLCF 55.40 Decreased By ▼ -0.63 (-1.12%)
OGDC 213.22 Decreased By ▼ -1.55 (-0.72%)
PACE 5.89 Decreased By ▼ -0.09 (-1.51%)
PAEL 41.15 Increased By ▲ 0.25 (0.61%)
PIAHCLA 16.61 Increased By ▲ 0.29 (1.78%)
PIBTL 9.58 Decreased By ▼ -0.17 (-1.74%)
POWER 11.54 Decreased By ▼ -0.22 (-1.87%)
PPL 179.00 Decreased By ▼ -2.48 (-1.37%)
PRL 33.70 Decreased By ▼ -0.52 (-1.52%)
PTC 22.85 Decreased By ▼ -0.21 (-0.91%)
SEARL 94.20 Decreased By ▼ -1.52 (-1.59%)
SILK 1.18 Increased By ▲ 0.04 (3.51%)
SSGC 35.00 Decreased By ▼ -0.45 (-1.27%)
SYM 15.79 Increased By ▲ 0.04 (0.25%)
TELE 7.83 Decreased By ▼ -0.04 (-0.51%)
TPLP 10.83 Decreased By ▼ -0.15 (-1.37%)
TRG 60.79 Increased By ▲ 0.29 (0.48%)
WAVESAPP 10.69 Decreased By ▼ -0.12 (-1.11%)
WTL 1.33 Decreased By ▼ -0.02 (-1.48%)
YOUW 3.80 Increased By ▲ 0.03 (0.8%)
BR100 12,047 Decreased By -6.9 (-0.06%)
BR30 36,415 Decreased By -51.5 (-0.14%)
KSE100 113,878 Decreased By -478.8 (-0.42%)
KSE30 35,109 Decreased By -237.7 (-0.67%)

OTTAWA: Canada’s economy likely contracted in April, the first decline in a year, due to widespread lockdowns amid a third wave of coronavirus infections, slowing the country’s march toward recovery, data showed on Tuesday.

In a preliminary estimate, Statistics Canada said the economy contracted 0.8% in April. By contrast, real GDP had grown 11 months in a row through March, when it grew 1.1%.

Economists said the April decline was largely expected and is unlikely to change the Bank of Canada’s outlook for interest rate hikes.

“They were talking about the output gap and inflation getting back to target by late 2022. That’s still a long way from here,” said Doug Porter, chief economist at BMO Capital Markets.

The Bank of Canada last month signalled rates could begin to rise in 2022, noting the economy had rebounded more quickly than it had expected.

The Canadian economy grew 5.6% on an annualized basis in the first quarter, as restrictions were eased between the second and third waves of Covid-19, and buoyed by strong housing investment and more mortgage debt. The gain missed analyst expectations of 6.7%.

Comments

Comments are closed.