Statistics Canada to release GDP figures for the first quarter of 2023 today

The federal agency's preliminary estimate suggested real gross domestic product grew at an annualized rate of 2.5 per cent during the first three months of 2023.

However, after posting slight growth in February, Statistics Canada's initial estimate released last month suggested the economy contracted by 0.1 per cent in March.The central bank, which is focused on returning inflation to its two per cent target, paused its aggressive rate hiking cycle earlier this year.

However, governor Tiff Macklem has signalled that the Bank of Canada is still evaluating whether interest rates need to go higher to tame inflation which ticked higher in April.

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Wednesday's GDP data will be key for Bank of Canada rate decision: Strategist - BNN BloombergWith gross domestic product (GDP) figures for the Canadian economy set to be released this week, one strategist said the data could be crucial for the Bank of Canada as it decides whether to raise interest rates or not.
Source: BNNBloomberg - 🏆 83. / 50 Read more »