Canadian economy misses first-quarter growth forecast; April GDP likely up 0.3%

The Canadian economy expanded at an annualized rate of 1.7 per cent in the first quarter, missing forecasts, and real gross domestic product likely rose 0.3 per cent on a monthly basis in April, data showed on Friday.

The GDP report shows that Canada’s economy did not rebound from a soft patch last year as strongly as data initially suggested, and may convince the central bank to start lowering borrowing costs in June. Growth in the first quarter was driven by higher household spending on services, Statscan said, adding that slower inventory accumulations moderated overall growth.

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