What economists say about Canada's GDP blowout via financialpost
While economists acknowledged the surprising staying power of the consumer, Charles St-Arnaud, chief economist at Alberta Central, said in note some of the data pointed to signs of weakness, among them a slowing savings rate.
“For the Bank of Canada, this is the just the latest data point reinforcing the strength of the Canadian economy, particularly the consumer. While we’ll get more information at next week’s rate announcement, we think today’s data substantially increases the odds of another rate hike.”“Growth in the first quarter was much stronger than expected, showing a strong start to 2023. The details show that the strength was mainly the result of strong consumer spending and exports.
“However, we need to put things into perspective. Like us, the central bank probably underestimated the economy’s potential GDP, which is currently being boosted by an unprecedented demographic boom. If the unemployment rate and falling job vacancy rates are any guide, this growth does not seem to be pushing the economy further into excess demand.Article content
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