Economy grew at an annualized rate of 2.5 per cent in Q1, StatCan estimate suggests

OTTAWA –

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

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

The February determine got here in decrease than was anticipated by Statistics Canada as wholesale and retail commerce in addition to manufacturing all contracted.

The Canadian economic system is anticipated to stall this 12 months and probably enter a recession as excessive rates of interest weigh on customers and companies.

The federal company’s preliminary estimate for March suggests the economic system contracted by 0.1 per cent.

The dip in actual GDP is anticipated to be pushed by continued declines in wholesale and retail commerce, along with mining and quarrying.

This report by The Canadian Press was first revealed April 28, 2023