Investing.com – Canada's gross domestic product rose slightly more-than-expected in March, official data showed on Monday.
In a report, Statistics Canada said gross domestic product rose by a seasonally adjusted 0.3% in March, after contracting 0.1% in February, whose figure was revised from a decline of 0.1%.
Analysts had expected Canada’s GDP to rise by 0.2% in March.
Canada’s economy grew at an annualized rate of 2.8% in March, after rising by a revised 3.0% in February, surpassing expectations for a rise of 2.6%.
Manufacturing as well as mining and oil and gas extraction were the largest contributors to growth. Construction, transportation and wholesale trade also recorded notable increases.
Following the release of the data, the Canadian dollar was down against its U.S. counterpart, with USD/CAD edging 0.08% higher to hit 0.9771.
In a report, Statistics Canada said gross domestic product rose by a seasonally adjusted 0.3% in March, after contracting 0.1% in February, whose figure was revised from a decline of 0.1%.
Analysts had expected Canada’s GDP to rise by 0.2% in March.
Canada’s economy grew at an annualized rate of 2.8% in March, after rising by a revised 3.0% in February, surpassing expectations for a rise of 2.6%.
Manufacturing as well as mining and oil and gas extraction were the largest contributors to growth. Construction, transportation and wholesale trade also recorded notable increases.
Following the release of the data, the Canadian dollar was down against its U.S. counterpart, with USD/CAD edging 0.08% higher to hit 0.9771.