Statistics Canada has released the April 2022 edition of the Canadian Economic News. This release includes concise summary of selected Canadian economic events, as well as international and financial market developments by calendar month. Here are some of the highlights:

COVID-19 timeline

  • The Government of Prince Edward Island announced on April 5th that effective April 6th the Public Health State of Emergency would be lifted.
  • The Government of Nunavut announced on April 6th that it would be lifting the Public Health Emergency, effective April 11th, and that as a result, all remaining public health restrictions across Nunavut are suspended.

News

  • The Government of Canada released its Budget 2022 on April 7th. The Government forecasts a $52.8 billion deficit in 2022-2023 and real GDP growth of 3.9% in 2022.
  • The Government of Newfoundland and Labrador released Budget 2022 on April 7th. The Government forecasts a $351 million deficit in 2022-2023 and real GDP growth of 0.5% in 2022.
  • The Government of Manitoba released Budget 2022 on April 12th. The Government forecasts a $548 million deficit for 2022-2023 and real GDP growth of 3.6% in 2022.
  • The Government of Ontario released Budget 2022 on April 28th. The Government forecasts a $19.9 billion deficit for 2022-2023 and real GDP growth of 3.7% in 2022.
  • The federal minimum wage increased from $15.00 to $15.55 per hour on April 1st.
  • Nova Scotia’s minimum wage increased from $12.95 to $13.35 per hour on April 1st.
  • Yukon’s minimum wage increased from $15.20 to $15.70 per hour on April 1st.
  • Prince Edward Island’s minimum wage increased from $13.00 to $13.70 per hour on April 1st.
  • Newfoundland and Labrador’s minimum wage increased from $12.75 to $13.20 per hour on April 1st.
  • The Bank of Canada increased its target for the overnight rate by 50 basis points to 1.0%. The Bank also said it was ending reinvestment and will begin quantitative tightening (QT), effective April 25 and that maturing Government of Canada bonds on the Bank’s balance sheet will no longer be replaced and, as a result, the size of the balance sheet will decline over time.
  • On April 13th, TD Canada Trust, RBC Royal Bank, Scotiabank, BMO Bank of Montreal, Canadian Imperial Bank of Commerce (CIBC), and Laurentian Bank of Canada announced they had increased their Canadian prime lending rate by 50 basis points from 2.70% to 3.20%, effective April 14, 2022.

To view the full release, visit the Statistics Canada website.

Source: Statistics Canada