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Canadian economy seen strong in first quarter, but impact of third wave looms

by capitalizefinancial
May 1, 2021
in Economy
0
Canadian economy seen strong in first quarter, but impact of third wave looms

Canada’s economy likely grew by 6.5% on an annualized basis in the first quarter, Statistics Canada said on Friday, though economists warned that the current third wave of COVID-19 infections will weigh in the second quarter.

In a preliminary estimate, Statscan said the economy likely grew by 0.9% in March from February. In February, the economy expanded 0.4%, a 10th consecutive monthly gain, on a rebound in retail trade and on the strength of residential construction.

That was slightly below analyst estimates that gross domestic product would grow by 0.5% in February from January.

The gains, as some controls were eased between the second and third waves of COVID-19 virus spread, put Canada’s first-quarter GDP growth in line with the U.S., said economists. This despite more restrictions and a slower vaccine rollout.

By March, economic activity was likely only about 1% below pre-pandemic levels, Statscan said. But lockdowns imposed in April to curb a another surge in COVID-19 infections will weigh in the coming months.

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