Canada's economy edges up 0.6% in Q1, good, services industries up

Canada's real gross domestic product (GDP) edged up 0.6 per cent in the first quarter of 2023 and down 0.1 per cent in March, the national statistical agency said.

Statistics Canada said Friday that the decreases in March in retail and wholesale trade sectors, as well as in the mining and quarrying (except oil and gas) subsector were partially offset by increases in the public sector, in professional, scientific and technical services, and in administrative and support, waste management and remediation services, reports Xinhua news ageny.

GDP edged up 0.1 per cent in February, following a 0.6 per cent increase in January.

Both services-producing industries and goods-producing industries edged up 0.1 per cent, Statistics Canada said.

Nathan Janzen, an economist of Royal Bank of Canada, said in a market report that with GDP growth tracking weak momentum into the second quarter, the central bank isn't expected to hike interest rates again.

Inflation remains too firm to justify a quick shift to cuts, and the economy shows signs of softening.

--IANS

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