StatCan to release February GDP numbers this morning, estimate for first quarter
By The Canadian Press on April 28, 2023.
OTTAWA – Statistics Canada is set to release its February reading for economic growth this morning. The federal agency will also provide estimates for March and the first quarter of the year. After recording zero growth in the fourth quarter, the Canadian economy bounced back in January as real gross domestic product grew by 0.5 per cent. Statistics Canada’s preliminary estimate for February suggests the economy grew by 0.3 per cent. However, RBC says it expects growth to come in lower than the federal agency’s estimate due to lower manufacturing sale volumes, as well as a fall in wholesale and retail sales. The Bank of Canada’s aggressive rate hikes are expected to slow the economy this year, as high borrowing costs constrain spending. This report by The Canadian Press was first published April, 27, 2023. 8-7
