OTTAWA – Canada’s economy expanded
at the fastest clip in more than a decade in the first quarter, fuelling
expectations that the
Statistics Canada said consumer
spending, a hot housing market and a return of business investment helped boost
Analysts had predicted 5.9 per cent
annualized GDP growth following revised 4.9 per cent growth in the fourth
quarter of last year.
“It would take some fancy
footwork for the Bank of Canada to pass on hiking rates after the
Two quarters of speedy recovery
following three quarters of contraction have left
The economy grew 1.5 per cent
compared with the fourth quarter of last year, Statscan said.
The GDP numbers were broadly in
The housing market remained hot in
the first quarter because of heavy investment in new construction and home
renovations by owners taking advantage of a tax credit that expired on 1 February.