May 30th, 2024

Statistics Canada to release February GDP report, Q1 growth estimate today

By The Canadian Press on April 30, 2024.

Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019. Statistics Canada is set to release its February gross domestic product report today, along with a preliminary estimate for economic growth during the first three months of the year. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA – Statistics Canada is set to release its February gross domestic product report today, along with a preliminary estimate for economic growth during the first three months of the year.

RBC says it expects the economy grew by a modest 0.1 per cent in February, lower than the consensus expectation of 0.3 per cent.

Canada has so far averted a recession that many economists feared would happen after the Bank of Canada began its aggressive rate-hiking cycle.

Strong population growth has helped bolster the economy, even as high interest rates slow consumer demand and business investment.

The Canadian economy grew at an annualized rate of one per cent in the fourth quarter, but shrank on a per capita basis.

The Bank of Canada will have an eye on today’s economic growth figures as it tries to gauge when it may be appropriate to begin lowering interest rates.

This report by The Canadian Press was first published April 30, 2024.

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