Economy grew by 2.5 per cent in Q1, estimate suggests

OTTAWA –

Statistics Canada says the Canadian financial system grew by 0.1 per cent in February.

The federal company’s preliminary estimate suggests actual gross home product grew at an annualized price of two.5 per cent within the first quarter.

This is a breaking news replace. Our earlier story follows.

Statistics Canada is ready to launch its February studying for financial development this morning.

The federal company can even present estimates for March and the primary quarter of the yr.

After recording zero development within the fourth quarter, the Canadian financial system bounced again in January as actual gross home product grew by 0.5 per cent.

Statistics Canada’s preliminary estimate for February suggests the financial system grew by 0.3 per cent.

However, RBC says it expects development to come back in decrease than the federal company’s estimate resulting from decrease manufacturing sale volumes, in addition to a fall in wholesale and retail gross sales.

The Bank of Canada’s aggressive price hikes are anticipated to sluggish the financial system this yr, as excessive borrowing prices constrain spending.

This report by The Canadian Press was first printed April, 27, 2023