Canada's March GDP Falls 0.1%, Misses Expectations; April Seen Rebounding 0.4%

08:49 AM EDT, 05/29/2026 (MT Newswires) -- Canadian real gross domestic product edged down 0.1% month over month in March, partially offsetting February's increase of 0.2% and driven by contractions in goods-producing industries, said the country's statistical agency on Friday.

March's contraction was worse than a 0.1% month-over-month consensus expansion provided by MUFG.

Goods-producing industries contracted 0.8% in March for the fifth decline in the last six months, noted Statistics Canada. The decrease in March was in large part a reflection of lower activity in the mining, quarrying, and oil and natural gas extraction sector, and in the construction sector. Services-producing industries tempered the decline, edging up 0.1% in March. Overall, eight of the 20 industrial sectors contracted in March.

Advance information indicates that real GDP increased 0.4% in month over month April, added StatsCan. Increases in mining, quarrying, and oil and gas extraction, manufacturing and transportation, and warehousing were partially offset by decreases in agriculture, forestry, fishing and hunting.

Real GDP was unchanged in Q1 quarter over quarter, after declining 0.2% in Q4 2025. Higher imports of goods, particularly gold, were offset by accumulations of business inventories. Decreased business and government capital investment was counterbalanced by higher household spending, as final domestic demand edged 0.1% lower.

GDP and Income and Expenditure Accounts measure the production of goods and services in the Canadian economy as well as the incomes arising from this production and expenditure on the production. GDP represents the unduplicated value of goods and services produced during the reference period and are available for domestic consumption, investment or export.

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