Statistics Canada Says Economy Grew by Over Three Percent in First Quarter

Wednesday, 31 May 2023 12:22

By Linda Morgan

The Canadian economy grew by 3.1 percent during the first quarter of the year

Statistics Canada is reporting is reporting some economic growth for the first quarter.

The agency says the economy grew by 3.1 percent, which is higher than their initial estimate of 2.5 percent.

The growth was spurred by increases in exports and household spending.

Experts say this could prompt discussions about a potential interest rate hike.

The Bank of Canada is expected to make an interest rate announcement next week.

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