<\/p>\n
Exporters rushed to sidestep U.S. tariffs, pushing GDP higher despite housing slowdown and weak household spending.<\/p>\n
A rush to get ahead of Canada\u2019s looming tariff dispute with the United States powered economic growth in the first quarter, Statistics Canada said Friday.<\/p>\n
Real gross domestic product rose 2.2% annualized in the three-month period, the agency reported, up slightly from 2.1% in the fourth quarter.<\/p>\n
Annualized real GDP figures for the final quarter of 2024 were revised down by half a percentage point, Statistics Canada said, and other quarters from last year were also adjusted in Friday\u2019s release.<\/p>\n
The first-quarter figures topped Statistics Canada\u2019s flash estimate for annualized growth of 1.5% and beat calls for 1.7% from a Reuters poll of economists.<\/p>\n
Threats of tariffs from the United States suffused the first quarter for Canada\u2019s economy, particularly for the trade-sensitive automotive, steel and aluminum sectors.<\/p>\n
Those import taxes and Canada\u2019s retaliatory tariffs were initially applied in early March, though each has since faced a variety of adjustments and exemptions.<\/p>\n
Statistics Canada said fears around the looming trade war inspired both Canadian importers and exporters to rush to get ahead of tariffs.<\/p>\n
Goods exports were up 1.6% in the first quarter, Statistics Canada said, driven by increased shipments of passenger vehicles and industrial machinery and parts. Non-farm businesses were also building up their inventories, reversing withdrawals from the previous quarter and pushing GDP higher.<\/p>\n
Hampering growth was the uptick in imports and a slowdown in housing resale activity.<\/p>\n
Ownership transfer costs, which represent resales, were down 18.6% quarterly \u2014 the largest drop in roughly three years.<\/p>\n
Rates of household spending and saving were both slowing in the first quarter amid weaker income gains, the agency said.<\/p>\n
Figures for March show growth of 0.1% in real GDP, rebounding from a slight contraction in February, amid a boost in mining, quarrying and oil and gas extraction.<\/p>\n
Statistics Canada\u2019s advance estimates see the economy also growing 0.1% in April, despite what it expects was a fourth consecutive monthly decline in the manufacturing industry.<\/p>\n
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