Canada Growth Rose 3.7% in First Quarter, Tops in G7
OTTAWA – Canadian economic output advanced at a robust pace in the first quarter, making Canada the best-performing economy among Group of Seven countries in early 2017 on the strength of consumer spending and a long-awaited rebound in business investment.
Growth in the first quarter, while strong, fell short of bullish market expectations, but largely in line with the Bank of Canada's forecast. Regardless, it will reinforce a belief that Canada's economy is on a roll and has entered a new stage after shaking off the negative fallout from lower commodity prices.
Canada's gross domestic product, or the broadest measure of goods and services produced in an economy, rose at a 3.7% annualized rate in the first quarter, to C$1.81 trillion ($1.35 trillion), Statistics Canada said Wednesday. Market expectations were for a 4.2% advance, according to economists at Royal Bank of Canada.
On a month-over-month basis, economic output in March rose a solid 0.5%, well above market expectations for a 0.2% advance, on widespread gains, led by manufacturing, and retail and wholesale trade.
The data agency also revised growth upward for 2016, saying the economy advanced 1.5% versus the early estimate of a 1.4% rise.
Canada Growth Rose 3.7% in First Quarter, Tops in G7--Update | Fox Business