FLCA - Canada GDP grows above market estimates in Q1
2023-05-31 08:43:01 ET
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The Canadian economy grew by 0.8% in the first quarter of 2023, bouncing back from the stall in the previous period and well above market estimates of a 0.4% expansion.
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On annualized basis Canada's economy was up 3.1% in the first quarter, beating analysts' expectations of +2.5%.
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The result overshot the Bank of Canada’s forecasts that growth would remain weak throughout the whole year, adding leeway for the resumption of its tightening cycle should inflation remain stubbornly elevated.
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Final domestic demand increased 0.7% in the first quarter of 2023 after remaining flat in the fourth quarter of 2022.
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Canada GDP grows above market estimates in Q1