- The Canadian economy grew at a faster than expected rate in the first quarter.
- USD/CAD remains in positive territory above 1.3600 after the data.
Gross Domestic Product (GDP) Canada’s real grew at an annual rate of 3.1% in the first quarter, Statistics Canada reported on Wednesday. This reading followed the 0.1% contraction recorded in the last quarter of 2022 and beat market expectations for a 2.5% expansion.
In quarterly terms, real GDP grew by 0.8%, compared to the 0.4% estimated by analysts.
“Favourable international trade and household spending growth were tempered by slowing inventory buildups, as well as declines in housing investment and business investment in machinery and equipment,” Statistics Canada explained in your post.
Market reaction
USD/CAD pulled back modestly from daily highs on the immediate reaction to this report and was last seen trading at 1.3638, gaining 0.25% on the day.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
