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Global markets: Canadian economy weakens in February

By Commodity News Service Canada

WINNIPEG, April 29 – The following is a glance at the news moving markets globally.

CANADA’S ECONOMY SHRINKS IN FEBRUARY
After rising for four consecutive months, real gross domestic product edged down 0.1 per cent in February. The output of goods-producing industries declined in February, while the output of service-producing industries was essentially unchanged, Statistics Canada said in a report on Friday.

According to StatsCan, after increasing 0.9 per cent in January, the output of goods-producing industries contracted 0.6 per cent in February primarily as a result of decreases in manufacturing and mining, quarrying, and oil and gas extraction. Declines were also registered in the agriculture and forestry sector as well as in utilities. Construction edged up.

CANADA’S INDUSTRIAL PRODUCTION DOWN
The Industrial Product Price Index (IPPI) declined 0.6 per cent in March. The decline was led by lower prices for motorized and recreational vehicles, while higher prices for energy and petroleum products largely moderated the fall. The Raw Materials Price Index (RMPI) increased 4.5 per cent, led by higher prices for crude energy products, according to Statistics Canada data released on Friday.

EUROZONE ECONOMY GAINED IN FIRST QUARTER
The eurozone’s economy gained 0.6 per cent quarter-on-quarter, according to reports on Friday.

However, analysts expect weaker growth in the second-quarter.

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