October 1, 2022

OsoyoosToday

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Canada’s economy grew by 3.1% year-on-year in the first quarter through EFE

© Reuters. Canada’s economy grew 3.1% year-on-year in the first quarter

Toronto (Canada), May 31 (.) .- The Canadian economy grew 0.8% year-on-year in the first quarter, compared to 3.1% year-on-year. Bank of Canada in April.

General Statistics Canada (EC) data shows that real GDP grew by 0.7% in March, after growing by 0.9% in the previous month.

Preliminary data from the EC indicate that GDP will grow by only 0.2% in April, which affects the forecasts of Canadian officials in the first half of the year.

The Bank of Canada predicts that the Canadian economy will grow at 6% year-on-year in the second quarter.

Growth in the first three months of 2022 marks the third consecutive quarter of expansion for the Canadian economy.

From January to March, the construction sector grew by 3.3% and the industrial sector by 1.9%.

Due to Govt-19 restrictions, exports fell by 9.4% in the first quarter compared to the same period in 2021 due to lower temperatures and inclement weather.

Economists expect the Bank of Canada to announce further interest rate hikes on Wednesday, which is expected to be half a point.

In April, the Monetary Commission had already raised interest rates by half a point, aimed at curbing the sharp rise in inflation, the largest increase in 22 years.

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