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Statistics Canada experiences actual GDP up in January 2024

What’s GDP?

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Gross home product (GDP) is a statistic economists use to measure the overall quantity of products and companies produced in a rustic throughout a selected time interval, normally 1 / 4 or a yr. This quantity is calculated in certainly one of 3 ways.

Learn the complete definition within the MoneySense Glossary: What’s GDP?

The place the GDP goes in Canada

The company added that it anticipated the expansion continued in February with a preliminary estimate pointing to a acquire of 0.4% for the month, helped by power within the mining, quarrying, and oil and fuel extraction, manufacturing, and finance and insurance coverage sectors.

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CIBC senior economist Andrew Grantham stated the Canadian economic system seems to have began 2024 within the quick lane. “Regardless that January’s development was flattered by a rebound within the public sector following strike exercise in Quebec, strong momentum seems to have prolonged to February as properly,” he wrote in a be aware to shoppers.

Grantham added that with development for the primary quarter as an entire monitoring properly above the Financial institution of Canada’s earlier expectation, there is no such thing as a urgency for the central financial institution to chop rates of interest at its April assembly.

“Nonetheless, a June transfer continues to be attainable if labour market circumstances proceed to loosen and core inflation maintains its downward momentum,” he stated.

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The Financial institution of Canada’s key rate of interest is ready at 5%. The central financial institution is anticipating to have the ability to start reducing rates of interest someday later this yr, however in accordance with its most up-to-date abstract of deliberations, its officers are break up on timing. (Learn “Making sense of the Financial institution of Canada rate of interest resolution on March 6, 2024.”)

The present inflation fee

Yr-over-year inflation got here in at 2.8% in February, however the central financial institution stays involved that inflation dangers trending larger than anticipated, notably as shelter prices proceed to climb. 

Rising sectors in Canada

Statistics Canada stated that the expansion within the economic system in January got here as the general public sector, which incorporates instructional companies, well being care and social help and public administration, rose 1.9% after two consecutive month-to-month declines.

The tutorial companies sector gained 6.0% after falling in November and December because of the strikes in Quebec, whereas the well being care and social help sector, which was additionally impacted by the strikes, rose 0.8%.

Supply hyperlink

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