Canadian economy grew 0.1% in Feb; likely down 0.1% in March

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28-04-2023 | 08:38
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Canadian economy grew 0.1% in Feb; likely down 0.1% in March
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Canadian economy grew 0.1% in Feb; likely down 0.1% in March

The Canadian economy grew 0.1% in February from January, less than expected, and the gross domestic product likely contracted in March, Statistics Canada data showed on Friday.

Analysts had forecast a 0.2% rise from an upwardly revised 0.6% growth in January. March GDP was most likely down 0.1%, Statscan said in a preliminary estimate.

The flash estimate for March, which may change when a final tally is released next month, means the economy likely grew 2.5% on an annualized basis in the first quarter. The Bank of Canada has forecast a 2.3% rise in real GDP in the quarter ended March, after a weaker-than-expected fourth quarter of 2022.

Canada's goods-producing sector expanded 0.1% in February, while the service-producing sector also posted a 0.1% rise.

In March, GDP was likely impacted by decreases in retail and wholesale trade sectors, Statscan said.

Reuters 
 

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