Published: 2025-06-13T13:40:00.000Z
Preview: Due June 27 - Canada April GDP - Tariffs starting to bite
Senior Economist , North America
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We expect Canadian GDP to be unchanged in April, slightly below a preliminary estimate for a 0.1% increase made with March’s report. Tariffs are likely to be a restraint on the economy through Q2 and beyond.
A strong April 2024 will see yr/yr growth slip to 1.3%, the lowest since March 2024, from 1.7%. We expect goods and services to both be unchanged in April. Goods will see weakness in manufacturing, which is particularly sensitive to tariffs, offset by a rise in mining.
Services are expected to see weakness in wholesale but gains in finance and insurance. Arts, entertainment and recreation will get a lift from Canadian participation in the National Hockey league playoffs.
