Economics

Canadian Output on Cusp of Full Recovery After 11th Monthly Gain

Activity seen returning to pre-pandemic levels this year
Latest GDP data validates Bank of Canada’s hawkish shift

Contractors put up siding at a housing development in Langford, British Columbia this month. The Canadian economy is on track for nearly 7% annualized growth in the first quarter. — Contractors put up siding at a housing development in Langford, British Columbia this month. The Canadian economy is on track for nearly 7% annualized growth in the first quarter.
Photographer: James MacDonald/Bloomberg

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By Theophilos Argitis

April 30, 2021 at 12:42 PM UTC

Updated on

April 30, 2021 at 2:54 PM UTC

This article is for subscribers only.

Canada’s economy continued its run of surprising strength at the start of the year, validating expectations that activity will soon return to pre-pandemic levels.

Gross domestic product grew 0.4% in February, Statistics Canada reported Friday in Ottawa. A preliminary estimate shows momentum kept up in March with output expanding 0.9%, which would be the 11th-straight monthly gain in GDP.