- Q4 was 0.0%
- March GDP 0.0% vs -0.1% expected
- Advance April GDP +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.