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Canadian GDP grows by 0.3% in April, despite rising interest rates

Canadian GDP grows by 0.3% in April, despite rising interest rates

By Arab Canada News

Published: June 30, 2022

The Canadian economy continues to grow, according to Statistics Canada, which revealed that the GDP jumped by 0.3 percent in April.

This increase is led by the mining, oil, and gas sector, which witnessed the highest monthly growth rate since December 2020.

The services, entertainment, and food services sectors also expanded for the third consecutive month, surpassing the pre-COVID-19 levels typically seen in April.

The agency said this was driven by increased travel with the easing of pandemic restrictions, leading to a return to normal life and the recovery of all economic and service sectors.

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