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.

June 1, 2023 . 2:14 AM

1 min read

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.