Statistics Canada reported Wednesday real gross domestic product grew at an annualized rate of 3.1 per cent in the first quarter of 2023.
“The run of sturdy data undoubtedly raises the odds that the Bank of Canada needs to go back to the well of rate hikes, and even puts some chance on a move as early as next week’s policy decision,” BMO chief economist Douglas Porter said in a client note. The federal agency says growth in exports and household spending helped spur growth in the first quarter.
The household spending figures show spending up on both goods and services in the first three months of the year, after minimal growth in the previous two quarters.
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