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.

More from Local News

Lighthouse Festival Preparing for 2027

Opening line up for live theatre in Port Dover and Port Colborne
Province Invests More in Niagara Health

Over $20-million to be spent on reducing wait times for many procedures, at Niagara Health and Hotel Dieu
Flooding Relief on List for AMO

Mayor Mat Siscoe and officials will ask for more help at Association of Municipalities of Ontario conference, but also housing and addictions
Over $40,000 Raised for Day of Giving

Turkstra and Credit Union big contributors, but also individuals raised over $14,000 to help people who have nothing after floods
Police Concerned After Man Released

London police say Connor Bennett is now in Thorold
Body Found During Home Demolition

Police believe Brenda LeBlanc was murdered
2 Men Wanted After Lincoln Break In

Police say this happened on Cherrywood Drive
Boy Severely Hurt in Lundy's Collision

Hamilton police helped the NRP arrest a driver for impaired driving