Canada’s quarterly gross domestic product edged up 0.2% in February, according to Statistics Canada data published April 30, suggesting the Bank of Canada may have a reason to cut rates in the summer.
Statistics Canada says economic growth in February was fuelled by growth in transportation and warehousing industries thanks to a rebound in retail transportation rates following a cold snap in January across Western Canada. Meanwhile air transportation rose as some airlines boosted their flight capacity to Asia leading up to the Lunar New Year.
In Statistics Canada’s ‘flash’ estimate of March’s figures, it found real GDSP was essential unchanged, with increased growth in real estate and utilities offset by drops in manufacturing and retail trade. The official rate for March will be released on May 31.
So far, Statistics Canada says, the…
