ICYMI: Canada's economy now 1.2% above pre-pandemic level after nine months of growth — via financialpost Canada Economy
Real gross domestic product probably grew 0.8 per cent in February, led by increases in manufacturing and resources, Statscan said in a flash estimate. The economy expanded 0.2 per cent in January — matching expectations — despite increased pandemic restrictions.
“Heading into the year, some slowdown in activity was expected due to the pandemic restrictions, but, unlike in past waves, that wasn’t the case,” said Benjamin Reitzes, Canadian rates and macro strategist at BMO Capital Market Economics, in a note.Advertisement 3With February’s gain, Canada’s economy is now 1.2 per cent above pre-pandemic levels, Statscan said. That may add to pressure on the Bank of Canada to move aggressively on rate hikes when it meets in mid-April.
Inflation has surged to 5.7 per cent and money markets see a 50 per cent chance of a 50-basis point hike, to 1.0 per cent, on April 13.
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