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Statistics Canada to release GDP figures for March and Q1 today

Written by on May 31, 2024

OTTAWA — Statistics Canada will release this morning its reading on how the economy fared in the first three months of the year.

The agency will publish its real gross domestic product figures for March and the first quarter as a whole.

The report is the last major economic data point before the Bank of Canada’s interest rate decision set for next week.

Central bank governor Tiff Macklem has said a rate cut is within the realm of possibilities, but that the decision will be based on the economic data.

A preliminary estimate for March suggested real GDP was essentially unchanged as increases in utilities and real estate and rental and leasing were offset by decreases in manufacturing and retail trade.

Based on that preliminary figure, the Canadian economy grew at an annualized rate of 2.5 per cent in the first quarter of 2024.

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

The Canadian Press