Statistics Canada is about to launch Wednesday 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 advised actual gross home product grew at an annualized fee of two.5 per cent through the first three months of 2023.
However, after posting slight progress in February, Statistics Canada’s preliminary estimate launched final month advised 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 choice subsequent week.
The central financial institution, which is targeted on returning inflation to its two per cent goal, paused its aggressive fee climbing cycle earlier this 12 months.
However, governor Tiff Macklem has signalled that the Bank of Canada continues to be evaluating whether or not rates of interest have to go larger to tame inflation which ticked larger in April.
