Sat. Jul 13th, 2024

Canadian Economy Grows at 1.7% Annualized Rate in Q1 2024

Statistics Canada reports that the Canadian economy grew at an annualized rate of 1.7 percent in the first quarter of 2024, driven by increased household spending.

The agency also revised its growth figures for the fourth quarter of 2023, adjusting the annualized rate down to 0.1 percent from the previously reported one percent.

The growth in the first quarter was bolstered by a 0.7 percent rise in household spending, with a notable 1.1 percent increase in spending on services. Household spending on goods saw a modest gain of 0.3 percent.

Statistics Canada noted that the real gross domestic product (GDP) was essentially unchanged in March, following a 0.2 percent increase in February. Preliminary estimates for April suggest a GDP growth of 0.3 percent for the month.

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