Canada GDP Likely Grew 2.5% in First Quarter, Below Forecast [Financial Post (Toronto, Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — The Canadian economy appeared to be running out of steam at the end of the first quarter, bolstering a case for the Bank of Canada to pivot to easier policy as early as June. Preliminary data suggest gross domestic product was unchanged in March as gains in utilities and real estate were offset by declines in manufacturing and retail trade, Statistics Canada reported Tuesday in Ottawa. Article content Article content That followed 0.2% growth in February, missing expectations for a 0.3% increase in a Bloomberg survey of economists. Taken together with a downwardly revised 0.5% expansion in January, the industry-based GDP numbers point to an increase of 2.5% annualized in the first quarter, slightly below the central bank's forecast of 2.8%. The Canadian dollar tumbled after the report, trading as low as C$1.3728 per US dollar, down about 0.5
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