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Statistics Canada says economy grew at 1.7% annualized rate in Q1

Written by on May 31, 2024

OTTAWA — Statistics Canada says the economy grew at an annualized rate of 1.7 per cent in the first three months of the year.

The agency also revised its reading for growth in the fourth quarter of 2023 to an annualized rate of 0.1 per cent, down from its initial report of an annualized rate of one per cent.

Growth in the first quarter was helped by higher household spending, which increased 0.7 per cent as spending on services rose 1.1 per cent.

Household spending on goods gained 0.3 per cent in the first quarter.

The results came as Statistics Canada says real gross domestic product was essentially unchanged in March, following growth of 0.2 per cent in February.

The agency said its preliminary estimate for the economy in April points to growth of 0.3 per cent for the month.

This report by The Canadian Press was first published May 31, 2024.

The Canadian Press