{"id":45365,"date":"2024-03-28T13:17:24","date_gmt":"2024-03-28T13:17:24","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/03\/28\/canadas-economy-grows-more-than-expected\/"},"modified":"2024-03-28T13:17:24","modified_gmt":"2024-03-28T13:17:24","slug":"canadas-economy-grows-more-than-expected","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/03\/28\/canadas-economy-grows-more-than-expected\/","title":{"rendered":"Canada’s economy grows more than expected"},"content":{"rendered":"
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\u201cThe Canadian economy appears to be enjoying a strong start to 2024,\u201d Canadian Imperial Bank of Commerce economist Andrew Grantham said in a note.<\/p>\n<\/div>\n

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The reading was above Statistics Canada\u2019s early estimate and market expectations for a 0.4 per cent gain.<\/p>\n

The public sector increased 1.9 per cent in January following two consecutive monthly declines. Education, which grew by six per cent, led the growth as activity rebounded from public-sector-worker strikes in Quebec late last year.<\/p>\n

Manufacturing fully recouped December\u2019s decline with a 0.9 per cent rise to start the year. A sudden drop in temperature in mid-January in parts of Canada contributed to increased activity in the utilities sector, which rose by 3.2 per cent \u2014 the largest growth rate since January 2022.<\/p>\n

But the most surprising news, Grantham said, was the agency\u2019s early estimate that GDP rose 0.4 per cent in February.<\/p>\n

The strong January and February numbers mean the first-quarter\u2019s growth is now tracking \u201cwell above\u201d the Bank of Canada\u2019s latest forecast, he said.<\/p>\n

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