The Strategist

Canada's Q1 GDP grows worse than forecasts

06/03/2024 - 03:27

Canada's watchdog reported that the country's economy expanded by 1.7% in the first quarter, the greatest annualized rate in a year.

Diego Torres Silvestre
Diego Torres Silvestre
Analysts polled by Trading Economics predicted a far bigger increase of 2.2%.

In comparison to 2023's fourth quarter, the GDP of Canada increased by 0.4%.

The updated figures show that the Canadian economy grew by 0.1% annually and was flat on a quarterly basis in the fourth quarter.

Compared to the prior quarter, consumer expenditure increased by 0.7% from January to March, while business investment grew by 0.8%.

Imports fell by 0.4% while exports rose by 0.5%.