A pumpjack draws out oil and gas from a well head near Calgary, Alta.Jeff McIntosh/The Canadian Press
Statistics Canada will reveal this morning how ongoing tariffs and the start of the Iran war affected the economy in the first quarter of the year.
The agency’s initial estimates suggest the economy rebounded somewhat after a mild contraction in the final quarter of 2025.
Statscan estimated last month that the economy grew at an annualized pace of 1.7 per cent in the first quarter, while a Reuters poll of economists expects growth was a bit below that mark at 1.5-per-cent annualized.
Statscan said the economy was growing modestly in January and February but its flash estimate for March anticipates momentum stalled.
The manufacturing sector led growth in February but the industry’s overall output is still well below year-ago levels as automakers and other firms grapple with the weight of U.S. tariffs.
Statscan suggested last month that seasonal maintenance in the oil and gas sector weighed on the industry in March even as the war in Iran sent global energy prices soaring.