The Canadian economy most likely grew by an annualized 5.6% in the first quarter, official data showed on Friday, well ahead of the Bank of Canada's recent projections, reinforcing the likelihood of another oversized interest rate increase.
Canada's real gross domestic product rose by 1.1% in February from January, beating analyst estimates of 0.8% growth and gaining for a ninth consecutive month. The economy likely grew by 0.5% in March, Statscan said in its flash estimate.
The flash estimate for first-quarter annualized growth was much higher than the 3.0% forecast published by the Canadian central bank earlier this month. The economy posted broad-based increases as COVID-related restrictions were eased, Statistics Canada said.
Earlier this month, the Bank of Canada announced a rare 50-basis-point hike, pushing its key interest rate to 1.0%, and is widely expected to go ahead with another oversized rate increase at its next meeting on June 1 as it fights to rein in runaway inflation. It has not ruled out an even larger move.
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