Indicators
Canada’s Economy Shows Surprising Strength Despite Rate Hikes
- GDP on track for 2.8% annualized growth in first quarter
- ‘The BoC is going to find itself in a tough spot,’ BMO says
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Canada’s economy kept growing at the start of this year, defying expectations of a stall and eventual technical recession in the face of the highest interest rates in 15 years.
Preliminary data suggest gross domestic product expanded 0.3% in February, Statistics Canada reported Friday in Ottawa, led higher by oil and gas, manufacturing, and finance and insurance sectors. That followed a 0.5% expansion in the previous month, stronger than expectations for 0.4% growth in a Bloomberg survey.