Canada’s economy grew by 2.2 per cent on an annualized basis in the first quarter, Statistics Canada said on Friday, expanding at a rate faster than expected.
Growth beat expectations, driven by exports stockpile before Trump tariffs
Thomson Reuters ·
Canada’s economy grew by 2.2 per cent on an annualized basis in the first quarter, Statistics Canada said on Friday. (Mark Blinch/Reuters)
Canada’s economy grew by 2.2 per cent on an annualized basis in the first quarter, Statistics Canada said on Friday, expanding at a rate faster than expected.
The growth was primarily driven by exports as companies in the United States rushed to stockpile before tariffs by U.S. President Donald Trump.
But an increase in imports that led to inventory build-up, lower household spending and weaker final domestic demand indicates that the economy was battling on the domestic front.
Economists have warned that as tariffs continue on Canada, this trend will persist.
