Canada's gross domestic product (GDP) rose 0.8% in the first quarter of 2022, up for a third straight quarter.
The country's economy grew at an annualized rate of 3.1% for the first quarter of the year, Statistics Canada reported on Tuesday.
“The growth observed in the first quarter was weaker compared to the previous two quarters, due to the decrease in the volume of international exports. Final domestic demand increased by 1.2%, after increasing by 0.9% in the fourth quarter of 2021”, explained the federal agency.
The increase in GDP is mainly attributable to the increase in business investment and household spending, which increased by 0.8%.
The volume of exports also fell 2.4% in the first quarter, after posting two consecutive quarterly increases, in particular due to the drop in international trade in energy products.
Investment in residential construction rose 4.3%, up for the second consecutive quarter.
Statistics Canada also reported that, month-over-month, Canada's GDP rose 0.7% in March, after rising 0.9% in February.