Slowing GDP growth sets up pivotal Bank of Canada decision: ‘Expect fireworks’

The Canadian economy managed to keep growing in the first quarter, but at a slower pace than first expected,StatCan said real gross domestic product grew at an annualized pace of 1.7 per cent in the first quarter of 2024.

On a monthly basis, StatCan said growth was essentially unchanged in March. Early estimates for April show signs of a return to growth at 0.3 per cent amid strength in the manufacturing, mining and oil and gas sectors. The agency will update those preliminary figures in June.StatCan also revised its earlier estimates for the fourth quarter of 2023. Following an annualized dip of 0.3 per cent in the third quarter last year, StatCan now says Canada eked out growth of just 0.

“There are respectable arguments on both sides of the decision, but we believe the balance of evidence points to a cut,” he said.

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