Statistics Canada to release GDP figures for the first quarter of 2023 today

OTTAWA –

Statistics Canada is about to launch right now its newest studying on how the economic system fared in March, in addition to for the primary quarter of the 12 months.

The federal company’s preliminary estimate urged actual gross home product grew at an annualized price of two.5 per cent throughout the first three months of 2023.

However, after posting slight development in February, Statistics Canada’s preliminary estimate launched final month urged the economic system contracted by 0.1 per cent in March.

The GDP report comes forward of the Bank of Canada’s rate of interest determination subsequent week.

The central financial institution, which is concentrated on returning inflation to its two per cent goal, paused its aggressive price mountain climbing cycle earlier this 12 months.

However, governor Tiff Macklem has signalled that the Bank of Canada remains to be evaluating whether or not rates of interest must go larger to tame inflation which ticked larger in April.