OTTAWA—Canada’s gross domestic product (GDP) unexpectedly shrank in January, as the economy faces a broad slowdown after surging last year. Gross domestic product contracted 0.1 per cent during the month, Statistics Canada reported Thursday in Ottawa, weighed down by sharp drops in oil production and real estate activity. Economists were anticipating a 0.1-per-cent gain. That should keep some pressure off the Bank of Canada as it contemplates when to raise interest rates again. Investors are anticipating at least two more rate hikes this year, after the Bank of Canada raised borrowing costs three times since July.

Source: thestar March 29, 2018 13:07 UTC