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StatCan to reveal early economic impacts of Iran war in first quarter GDP report
Economists say higher oil prices may lift exports, while tariffs, weaker consumer spending and maintenance in energy fields could curb growth.
- Statistics Canada releases the Gross Domestic Product report today, Friday, May 29, 2026, revealing how the Iran war and ongoing trade tariffs impacted the economy during the first quarter.
- Conflict in Iran pushed WTI oil prices from about $65 to nearly $116. Olivier Gervais, director of Modelling and Forecasting at the Bank in Nova Scotia, models that consistent price increases could boost GDP.
- StatCan estimated 1.7 per cent annualized Q1 growth, while a Reuters poll predicts 1.5 per cent. RBC expects GDP increased 0.1 per cent in March as the economy grapples with uncertainty.
- Governor Tiff Macklem of the Bank stated the conflict affects growth composition, but noted the overall impact remains small because higher energy export values offset consumer and business squeezes.
- Beyond the war in Iran, a Deloitte report warns that growth could drop by 20 per cent. Uncertainty from trade war tensions and CUSMA negotiations continues to weigh on the economy.
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The Toronto Star+15 Reposted by 15 other sources
StatCan to reveal early economic impacts of Iran war in first quarter GDP report
OTTAWA - 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.
·Toronto, Canada
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Coverage Details
Total News Sources19
Leaning Left13Leaning Right0Center3Last UpdatedBias Distribution81% Left
Bias Distribution
- 81% of the sources lean Left
81% Left
L 81%
C 19%
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