Canada Q1 GDP +3.1% vs +2.5% expected

• Q4 was 0.0%
• March GDP 0.0% vs -0.1% expected
• Advance April GDP GDP Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Read this Term +0.2% m/m
• GDP +0.8% q/q vs 0.0% in Q4
• Implicit price q/q +0.2%
• Exports +2.4% vs +0.5% prior
• Imports +0.2% vs -3.3% prior
• Household spending on goods +1.5%, services +1.3%

Favourable international trade and growth in household spending were moderated by slower inventory accumulations as well as declines in housing investment and business investment in machinery and equipment, according to Statistics Canada. Final domestic demand increased 0.7% in the first quarter of 2023 after remaining flat in the fourth quarter of 2022.

The April GDP number is a stronger-than-expected start to Q2 and was boosted by mining, oil & gas, transportation and warehousing, though retail trade was a drag.