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Canada's GDP up 2.4pc as exports and consumers drive growth
CANADA's GDP grew 2.4 per cent in the first quarter to C$1.78 trillion (US$1.37 trillion) on the strength of exports and consumer spending.
But the increase fell short of expectations - a 2.8 per cent gain - and set the stage for a weak second quarter as Canada endured continuing lower commodity prices, reported the Wall Street Journal.
GDP contracted 0.2 per cent in March though, mainly due to a 2.8 per cent drop in the oil and mining category. With crude prices still less than half what they were in mid-2014, there's little chance of a major comeback, reported Bloomberg.
The Bank of Canada estimated on May 25 lost oil production would carve about 1.25 percentage points off the second-quarter growth rate, which it estimated earlier would be one per cent.
Canadian Imperial Bank of Commerce economist Avery Shenfeld is forecasting a 0.7 per cent contraction in the second quarter, compared with a previous forecast for a 0.5 per cent expansion before the wildfires.
But the increase fell short of expectations - a 2.8 per cent gain - and set the stage for a weak second quarter as Canada endured continuing lower commodity prices, reported the Wall Street Journal.
GDP contracted 0.2 per cent in March though, mainly due to a 2.8 per cent drop in the oil and mining category. With crude prices still less than half what they were in mid-2014, there's little chance of a major comeback, reported Bloomberg.
The Bank of Canada estimated on May 25 lost oil production would carve about 1.25 percentage points off the second-quarter growth rate, which it estimated earlier would be one per cent.
Canadian Imperial Bank of Commerce economist Avery Shenfeld is forecasting a 0.7 per cent contraction in the second quarter, compared with a previous forecast for a 0.5 per cent expansion before the wildfires.
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