Canada's economy expands 0.4% in Q1, after no change in 4Q23
Higher household spending on services top contributor to increase in GDP, says Statistics Canada
ISTANBUL
Canada's real gross domestic product (GDP) rose 0.4% in the first quarter of this year, the country's statistical body said Friday.
The figure for the fourth quarter of 2023 was revised downward to no change, from an increase of 0.2%.
"In the first quarter of 2024, higher household spending on services was the top contributor to the increase in GDP, while slower inventory accumulations moderated overall growth," Statistics Canada said in a statement.
"Household spending increased by 0.7% in the first quarter, primarily due to a 1.1% rise in spending on services, primarily telecommunications services, rent and air transport," it added. "Household spending on goods edged up 0.3%, with higher expenditures on new trucks, vans and sport utility vehicles."
