- Canadian economy grew 0.2% in April, exceeding expectations for a 0.1% contraction.
- First quarter GDP expanded at a 3.1% annualized pace, beating consensus estimates and Bank of Canada's forecast.
- Household spending and strong exports spurred growth.
- Bank of Canada may hike interest rates by at least 25 bps next week.
- Most economists expect a 'soft landing' for the economy.
Canadian Growth Tops Forecasts, Boosting Rate-Hike Odds
Canadian economic growth tops forecasts, boosting the likelihood of another Bank of Canada rate hike. GDP expanded at a 3.1% annualized pace in Q1, driven by household spending and exports.