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Canada Q1 Annualized GDP Below Market and BOC Expectations

CANADA DATA
  • Canada annualized GDP +1.7% in Q1 vs the consensus for +2.4%; the BoC forecast was +2.8% in the April MPR. 
  • Q4 2023 annualized GDP was revised down to +0.1% from +1.0%.
  • April flash GDP +0.3% MOM, led by manufacturing, gas, and wholesale. The March figure came in flat as both goods and service producing industries were unchanged. 
  • Final domestic demand was the highest since Q1 2022 at +0.7% QOQ.
  • GDP deflator -0.3% in Q1 as export prices -1.3%.
  • Household savings rate +7% in Q1, the highest since Q1 2022. 
  • The GDP reports are the last major releases before the BoC rate decision on June 5th.
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  • Canada annualized GDP +1.7% in Q1 vs the consensus for +2.4%; the BoC forecast was +2.8% in the April MPR. 
  • Q4 2023 annualized GDP was revised down to +0.1% from +1.0%.
  • April flash GDP +0.3% MOM, led by manufacturing, gas, and wholesale. The March figure came in flat as both goods and service producing industries were unchanged. 
  • Final domestic demand was the highest since Q1 2022 at +0.7% QOQ.
  • GDP deflator -0.3% in Q1 as export prices -1.3%.
  • Household savings rate +7% in Q1, the highest since Q1 2022. 
  • The GDP reports are the last major releases before the BoC rate decision on June 5th.