Business News Asia
Statistics Canada announced yesterday (May 31) that Canada’s gross domestic product (GDP) rose by 3.1% year-on-year in the first quarter of this year. This was below analysts’ forecasts, who had expected growth of 5.4%.
GDP growth in the first quarter was in line with the Bank of Canada’s forecast of 3.0%.
In March alone, Canadian GDP rose by 0.7%, while analysts had expected an increase of 0.5%.
According to the report, Canadian GDP slowed in the first quarter compared to the previous two quarters as Canadian exports fell 2.4%.