Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Canada's GDP surged 0.9% in March according to a flash estimate following an official gain of 0.4% in February, lifting total output to within 1% of where it was before the pandemic, government figures showed on Friday.
The March gain was led by manufacturing, retail and financial services and suggests the economy grew 1.6% in the first quarter over the fourth quarter of last year, Statistics Canada said. The February gain was close to the market expectation of 0.5%, and was led by construction and retailing as health restrictions were relaxed.
The BOC last week predicted 7% annualized growth in the first quarter as Governor Tiff Macklem said the economy could return to full output in the second half of next year and lay conditions for raising the 0.25% policy interest rate. Officials have also said they may taper the CAD3 billion a week QE program as they gain confidence in the rebound.
While the momentum may slip in April and May as the third wave forces new lockdowns, firms have told MNI there are signs of resilience and rebuilding supply to meet demand may be a bigger challenge.
Output has now climbed for 10 straight months, Statistics Canada said.
Source: Statistics Canada
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.