Canada reports tepid economic growth in April

Official statistics show that Canada's economy expanded by 0.1 percent in April, or an annualized pace of 1.4 percent. It was the fourth consecutive monthly increase, with the service industries leading the gain, Statistics Canada announced Friday. According to Statistics Canada, the output of the service industries went up 0.3 percent in the month, with almost all major industrial groups, including wholesale and retail trade, the finance and insurance business, and the transportation and warehousing, recording increases. A decrease occurred with goods production due to notable declines in mining, quarrying, and oil and gas extraction, construction sector, but sectors of manufacturing, utilities, as well as agriculture and forestry reported rises in the month, said the agency. Although the real gross domestic product kept growing in the month, the pace was slowing down relative to the gains of the previous three months. Many economists predict the country's economy will be turning to contraction in the second quarter of the year because of floods in Alberta, a major region of mining and energy in western Canada, in June.