Canada's economy grew more than expected in Q1, putting pressure on BoC

Read full articleCanada’s economy grew 3.1 per cent annually in the first quarter of the year, Statistics Canada said on Wendesday.

Statistics Canada said real GDP growth in the first quarter was driven by favourable international trade and growth in household spending, and moderated by declines in housing and business investments. The increase in economic growth could add to pressure on the Bank of Canada to consider hiking rates again when the central bank issues its rate decision next week. The Bank of Canada had predicted GDP growth of 2.3 per cent in the first quarter.

Exports of goods and services increased 2.4 per cent in the quarter, led by cars and trucks, outpacing a 0.2 per cent increase in imports.

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