The Canadian economy is growing faster than expected in the first quarter

Statistics Canada said that the Canadian economy expanded at an annual rate of 3.1% in the first quarter of this year, and growth in the first quarter was stronger than the Bank of Canada's annual forecast of 2.3%.

The Statistics Authority said that real GDP was unchanged in March compared to February, better than expected at 0.1%, and is likely to rise by 0.2% in April. Exports of goods and services led by cars and light trucks rose 2.4% in the first quarter, outperforming a 0.2% increase in imports in the first quarter. Inflation rose for the first time in 10 months to 4.4% in April.