Investing.com - The Canadian economy expanded slightly in March, according to official data released on Thursday.
Canada’s gross domestic product, or the broadest measure of goods and services produced in an economy, increased 0.3% in March, Statistics Canada said. The result topped economists’ expectations for 0.2%.
However, the economy grew less than expected year-over-year. The economy contracted on an annualized basis by 1.3%, compared to expectations for a rise of 1.8% and following a gain of 1.7% the prior month . Quarter-over-quarter the economy grew by 0.3% compared to 0.4% in February.
The weaker annualized data could decrease the likelihood that the Bank of Canada will raise rates again before the end of the year. The central bank, which has raised interest rates three times since July 2017, has said that future hikes will depend heavily on economic data. Experts expect a rate hike in September.