Canadian Economy Shows Unexpected Strength Despite Recent Interest Rate Increases

Canada’s economy kept growing at the start of this year, defying expectations of a stall and eventual technical recession in the face of the highest interest rates in 15 years.

Preliminary data suggest gross domestic product expanded 0.3% in February, Statistics Canada reported Friday in Ottawa, led higher by oil and gas, manufacturing, and finance and insurance sectors. That followed a 0.5% expansion in the previous month, stronger than expectations for 0.4% growth in a Bloomberg survey.

Source : Canadian Economy Shows Unexpected Strength Despite Recent Interest Rate Increases