Canada’s GDP rose 0.2 per cent in February, driven by a rebound in transportation and warehousing, which saw the largest recorded month-to-month rise in over a year at 1.4 per cent.
This is a breaking news update. A previous story by The Canadian Press continues below. More details to come.
Canada has so far averted a recession that many economists feared would happen after the Bank of Canada began its aggressive rate-hiking cycle.
Strong population growth has helped bolster the economy, even as high interest rates slow consumer demand and business investment.
The Canadian economy grew at an annualized rate of one per cent in the fourth quarter, but shrank on a per capita basis.
The Bank of Canada will have an eye on today’s economic growth figures as it tries to gauge when it may be appropriate to begin lowering interest rates.
This report by The Canadian Press was first published April 30, 2024.
