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31 May 2018
Canada: Real GDP grew 0.3% in the first quarter
"Real gross domestic product (GDP) grew 0.3% in the first quarter, following an increase of 0.4% in each of the previous two quarters," Statistics Canada reported on Thursday. Below are key takeaways from the official press releases.
- Final domestic demand rose by 0.5%.
- Growth was moderated by a deceleration in household spending, lower exports of non-energy products and a decline in housing investment (-1.9%).
- Household spending grew 0.3%, the slowest pace since the first quarter of 2015.
- Household spending on goods was unchanged, following 11 consecutive quarterly increases.
- Export volumes rose 0.4% after increasing 1.0% in the fourth quarter of 2017.
- Exports of crude oil and crude bitumen (+9.9%) largely contributed to the gains.
- Expressed at an annualized rate, real GDP was up 1.3% in the first quarter.
- In comparison, real GDP in the United States grew 2.2%.