Canada's GDP Grows at Record 6.1%

Statistics Canada has released Canada’s real GDP increased by 1.5% in Q1, for the seventh consecutive monthly increase.

The data supports a Bank of Canada rate increase on Tuesday, against recomendations of many since infation is still non-existent. However, the BoC very much said it would raise rates, so if it does not it would mean somethng is in deep trouble

This was the biggest year over year gain in the last 10 years. Keep in mind that there was negative quarterly GDP change in part of 2008 and 2009.

GDP growth in Q1 was largely attributable to significant gains in production and inventory levels.
Real GDP is now up to 6.1% as of Q1 2010 on an annualized basis, compared to 4.9% in the same period last year.

Consumer spending in the period was up marginally by 1.1%, and also increased in the previous quarter by 1%.