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Canada GDP flat in April

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Forexpros - Canada's gross domestic product was unexpectedly flat in April, official data showed on Thursday.

In a report, Statistics Canada said gross domestic product was unchanged in April, after advancing by a seasonally adjusted 0.3% in March.

Analysts had expected Canada's GDP to contract by 0.1% in April.

Canada's economy grew at an annualized rate of 2.8% in April, after rising by a revised 2.9% in the preceding month, surpassing expectations for a rise of 2.7%.

Both the goods-producing and the services sectors remained unchanged in April.

Significant increases were recorded in mining of metal ore and coal. Retail trade, the public sector, construction and utilities also advanced.

However, this growth was offset by declines in manufacturing and, to a lesser extent, in wholesale trade and the finance, insurance and real estate sector.

Following the release of the data, the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.37% to trade at 0.9659.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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