OTTAWA — The Canadian economy lost momentum after a roaring start to the year, reinforcing economists' expectations that the Bank of Canada is on track to cut interest rates in the coming months.
"Today’s GDP report confirmed our expectations that the January surge in output was temporary, and in no way marked an inflection point for the growth backdrop in Canada that remains very weak," said RBC economist Claire Fan in a client note. Based on the preliminary figure, the Canadian economy grew at an annualized rate of 2.5 per cent in the first quarter of 2024.
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