Exports of goods and services increased by 2.4% in the first three months of this year, after rising by 0.5% in the fourth quarter of 2022. (Photo: The Canadian Press)
Ottawa — Real gross domestic product (GDP) rose 0.8 percent in the first quarter of 2023 after flat in the previous quarter, Statistics Canada reported on Wednesday.
Exports of goods and services grew by 2.4% in the first three months of this year, after expanding by 0.5% in the fourth quarter of 2022. Most recent growth has been fueled by exports of passenger cars and light trucks. Meanwhile, imports of goods and services rose slightly by 0.2% after falling by 3.3% in the last quarter of 2022.
Statistics Canada adds that household spending on goods and services rose in the first quarter of 2023 after two quarters of minimal growth.
The federal agency calculated that the Canadian economy grew at an annual rate of 3.1% in the first quarter. The latest data shows growth topped Statistics Canada’s own forecast of 2.5% for the quarter.
The continued resilience of the economy is likely to fuel talks of a possible rate hike as the Bank of Canada is expected to make its next rate announcement next week.
Incurable food practitioner. Tv lover. Award-winning social media maven. Internet guru. Travel aficionado.
;Composite=(type=URL,url=https://images.radio-canada.ca/v1/assets/elements/16x9/outdated-content-2013.png),gravity=SouthEast,placement=Over,location=(0,0),scale=1)
