2023-06-01 02:36:03
Real gross domestic product (GDP) rose 0.8% in the first quarter of 2023 following being flat in the previous quarter, Statistics Canada reported on Wednesday.
Exports of goods and services grew by 2.4% in the first three months of the current year, following increasing by 0.5% in the fourth quarter of 2022. The most recent growth was mainly stimulated by exports of passenger cars and light trucks. Meanwhile, imports of goods and services edged up 0.2% following falling 3.3% in the last quarter of 2022.
Statistics Canada adds that following two quarters of minimal growth, household spending increased on both goods and services in the first quarter of 2023.
The federal agency calculated that the Canadian economy grew at an annualized rate of 3.1% in the first quarter. The latest data shows that growth exceeded Statistics Canada’s own forecast of 2.5% for the quarter.
The economy’s continued resilience will likely spur talk of a possible rate hike, as the Bank of Canada is expected to make its next interest rate announcement next week.
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