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Globe says BMO's Porter impressed with Canada's growth

2021-05-03 07:32 ET - In the News

The Globe and Mail reports in its Saturday edition that Canada's economy showed resilience over the winter months by extending its growth streak, though it faces yet another test as the country grapples with a third wave of COVID-19. The Globe's Matt Lundy writes that real gross domestic product rose 0.4 per cent in February, Statistics Canada said Friday. A preliminary estimate points to a 0.9-per-cent gain in March, which would be the 11th consecutive month of GDP gains after calamitous falls in March and April of 2020. If that estimate holds, the economy grew at an annualized pace of about 6.5 per cent in the first quarter, bringing GDP to within 1.3 per cent of its prepandemic level. The euro zone, however, has slipped into a double-dip recession. On Thursday, the United States posted 6.4-per-cent annualized growth in the first quarter, almost identical to Canada's estimate. "Even with much more forceful restrictions, a slower vaccine rollout, and without the help of the two mega U.S. stimulus packages at the start of the year, somehow the Canadian economy matched the U.S. step for step through the winter months," Bank of Montreal chief economist Doug Porter said in a note to clients. "That is impressive."

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