FX.co ★ Canada's GDP Growth Doubles in Q1 2024, Hitting 0.4%

Canada's economy has shown a noticeable uptick in growth, with the GDP increasing by 0.4% in the first quarter of 2024, according to the latest data updated on May 31, 2024. This is a significant improvement from the 0.2% growth recorded in the previous quarter (Q4 2023).

The quarter-over-quarter comparison underscores the strength of this economic performance. In Q4 2023, the GDP growth rate had halved compared to earlier gains, but the first quarter of the new year has reversed that trend, pointing to a revitalized economic landscape. Economists are cautiously optimistic, citing the first quarter's performance as a strong start to 2024.

Market analysts attribute this growth to various factors including increased consumer spending, recovery in the export sectors, and government stimuli. The improved GDP figures offer a promising outlook for the Canadian economy, reinforcing investor confidence and potentially influencing monetary policy decisions in the upcoming months.