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Canada Bids Farewell to Oil Shock With Its Economy on a Tear

  • Quarterly gain is one of the most broad-based since recession
  • Trade disappointment means growth comes in below forecast
Updated on

If it wasn’t clear after the six-month run of strong economic data, the latest GDP numbers out of Canada confirm the country has bid adieu to its oil crisis.

The economy accelerated to a 3.7 percent annualized pace in the first quarter, following gross-domestic-product gains of 2.7 percent and 4.2 percent in the prior two periods, Statistics Canada reported Wednesday from Ottawa. That’s the strongest three-quarter gain since 2010.