Canadian economy seen shrinking after February growth falls short of expectations
Statistics Canada estimates growth dipped into the red in March
OTTAWA — The Canadian economy grew 0.1 per cent in February from January, less than expected, and the gross domestic product likely contracted in March, Statistics Canada data showed on Friday.
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Analysts had forecast a 0.2 per cent rise from an upwardly revised 0.6 per cent growth in January. March GDP was most likely down 0.1 per cent, Statscan said in a preliminary estimate.
The flash estimate for March, which may change when a final tally is released next month, means the economy likely grew 2.5 per cent on an annualized basis in the first quarter. The Bank of Canada has forecast a 2.3 per cent rise in real GDP in the quarter ended March, after a weaker-than-expected fourth quarter of 2022.
Canada’s goods-producing sector expanded 0.1 per cent in February, while the service-producing sector also posted a 0.1 per cent rise.
In March, GDP was likely impacted by decreases in retail and wholesale trade sectors, Statscan said.
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