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Economy grew at annual rate of 3.1% in Q1

By Brad Perry May 31, 2023 | 11:59 AM

Canada’s economy grew at an annualized rate of 3.1 per cent last quarter, according to Statistics Canada.

The federal agency said Wednesday that “favourable” international trade and growth in household spending were key factors.

Exports of goods and services rose 2.4 per cent while imports edged up 0.2 per cent, said the new report.

Household spending rose for both goods and services after two quarters of “minimal growth.”

The growth was moderated by slower inventory accumulations as well as declines in housing investment and business investment in machinery and equipment.

StatCan also noted that disposable decreased by one per cent in the first quarter, the first reduction since the fourth quarter of 2021.

Meanwhile, the agency said economic growth was essentially unchanged in March following a 0.1 per cent increase in February.

Early estimates, which will be confirmed over the coming weeks, suggest the economy grew 0.2 per cent in April.


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