off-the-wire

Bank of Canada says don't put much weight on GDP data showing technical recession

Kitco Media
By Reuters
Published:
Updated:
Reuters
Bank of Canada says don't put much weight on GDP data showing technical recession teaser image

OTTAWA, June 1 (Reuters) - The Bank of Canada on ​Monday cautioned against ‌putting too much weight on recent GDP ​data which showed ​two consecutive quarters of ⁠decline on an ​annualized basis.

Senior deputy governor ​Carolyn Rogers said while two quarters of annualized ​contraction in GDP ​did meet one definition of ‌a ⁠recession, the April advance estimate showed the economy most ​likely rebounded.

"I ​think ⁠we need to be careful ​not to put ​too ⁠much weight on any one indicator," ⁠she ​told a ​parliamentary committee.

Reporting by Promit Mukherjee; ​editing by David Ljunggren

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