Economics
Canada Extends Growth Streak With 5.6% Annualized Expansion
- First-quarter GDP tops expectations amid easing Covid-19 curbs
- Data firms up expectations for second 50-basis-point hike
Workers at a condo building under construction in Victoria, British Columbia.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
Canada’s economy extended its streak of monthly gains, with preliminary data showing the expansion shot past expectations for the first quarter, cementing the Bank of Canada’s aggressive path for rate hikes.
Gross domestic product rose for a 10th straight time in March, increasing 0.5%, Statistics Canada reported Friday. In February, the economy expanded a faster-than-expected 1.1%, the agency said.