Stats Canada data suggests economic recovery on horizon

OTTAWA (Reuters) — Canadian exports rose to a record in April and first-quarter labour productivity approached a three-year high, further evidence that the economy is recovering after a long slump caused by low oil prices.

Statistics Canada said June 2 that the April trade deficit narrowed to $370 million as exports outpaced imports for a second straight month on shipments of motor vehicles and parts.

The export sector, long a cause of concern for the Bank of Canada, is showing strength. Exports, which jumped 3.2 percent in March, rose by 1.8 percent in April to $47.69 billion.

Canada’s first-quarter annualized growth of 3.7 percent is the best in the Group of Seven leading industrialized nations.

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