Economic Overview - In April 2025, Canada's real GDP decreased by 0.1%, ending the growth trend observed in March [1] - The goods-producing sector experienced an overall decline of 0.6%, with manufacturing being a significant drag, falling by 1.9% [1] - Durable and non-durable goods manufacturing dropped by 2.2% and 1.6% respectively, indicating negative impacts from tariff uncertainties on transportation equipment manufacturing and the food and oil industries [1] Service Sector Performance - The service-producing sector saw a slight increase of 0.1%, with public administration, finance and insurance, and arts and entertainment contributing to this growth [2] - The finance and insurance sector grew by 0.7%, marking the largest increase since August 2024, driven by high-frequency trading activities due to U.S. tariff announcements [2] - The arts, entertainment, and recreation sector achieved a growth of 2.8%, primarily due to increased attendance at NHL playoff games in Canada [2] Trade and Resource Sector Insights - The wholesale trade sector declined by 1.9%, significantly impacted by reduced imports and exports in motor vehicles and parts [7] - In the resource sector, while the oil and gas extraction sub-sector was affected by decreased natural gas and crude oil production, oil and gas support activities saw an increase due to rising drilling activities [7] Government Financials - In Q1 2025, the total deficit for all levels of government in Canada was CAD 12.4 billion, a reduction of CAD 19.6 billion compared to the same period last year [7] - The federal government significantly reduced its deficit to CAD 8.7 billion, while provincial and territorial governments faced pressures from increased spending and reduced revenues [7] Future Economic Outlook - The real GDP is expected to continue declining by 0.1% in May 2025, indicating challenges for short-term economic growth [7] - Growth in real estate rental activities may partially offset declines in other sectors [7] - The economic situation reflects the impact of global trade tensions on Canada's manufacturing and export-oriented industries, while also highlighting the supportive role of the service sector and other areas in economic growth [7]

Group 1 - The seasonally adjusted unemployment rate in Hong Kong increased from 3.2% in January-March 2025 to 3.4% in February-April 2025, while the underemployment rate rose from 1.1% to 1.3% during the same period [1][2] - The total employment decreased by approximately 15,600 from 3,692,700 in January-March 2025 to 3,677,100 in February-April 2025, and the total labor force also fell by about 9,000 from 3,815,500 to 3,806,500 [1][2] - The number of unemployed individuals (not seasonally adjusted) rose from 122,800 to 129,400, an increase of about 6,600, while the number of underemployed individuals increased from 42,700 to 47,600, an increase of approximately 4,900 [2] Group 2 - Various major economic sectors experienced an increase in unemployment rates, particularly in construction, accommodation services, catering services, and finance, while sectors like information and communications, insurance, and arts, entertainment, and recreation saw a decline [1] - The Secretary for Labour and Welfare, Sun Yuhan, noted that while some businesses are closing, many new stores are opening, indicating a shift in demand and consumption trends [2] - The number of registered companies in Hong Kong reached a historical high of 1.46 million by the end of last year, suggesting emerging demand and consumption trends are gradually taking shape [2]