Statistics Canada says economy grew at 1.7% annualized rate in Q1

The agency also revised its reading for growth in the fourth quarter of 2023 down to an annualized rate of 0.1 per cent, compared with its initial report of an annualized rate of one per cent.Household spending on services rose 1.1 per cent, boosted by spending on telecommunications services, rent and air travel, while household spending on goods gained 0.3 per cent in the first quarter, helped higher by spending on new trucks, vans and sport utility vehicles.

The results for the first quarter came as Statistics Canada said real gross domestic product was essentially unchanged in March, following growth of 0.2 per cent in February. The agency said its preliminary estimate for the economy in April points to growth of 0.3 per cent as increases in manufacturing, mining, quarrying, and oil and gas extraction and wholesale trade were partially offset by decreases in utilities.

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