Investing.com - Canada's economy grew more than expected in February, official data showed on Tuesday.
The data helped ease concerns over the country’s economic outlook and added to the likelihood that the Bank of Canada will raise rates again before the end of the year.
Statistics Canada said gross domestic product increased by a seasonally adjusted 0.4%, beating forecasts for growth of 0.3%. Canada’s economy unexpectedly contracted 0.1% in January.
Year-over-year, Canada’s economy expanded at an annualized rate of 3.0% in February, above expectations for a gain of 2.8% and following an increase of 2.7% in the preceding month.
The Bank of Canada, which has raised interest rates three times since July, said recently that future hikes will be heavily dependent on economic data.
Money markets expect another hike by September.
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