Canada March GDP Seen Rising 0.1% as $90 Oil Tests Iran War Impact

5 articles · Updated · Global News · May 28

Friday’s Statistics Canada release is expected to show March GDP edged up 0.1% from February, giving the first full-month read on the economy since the Iran conflict began.
WTI crude near $90 a barrel — after peaking near $116 in early April — has lifted the value of Canada’s energy exports even as higher fuel costs squeeze consumers and businesses.
March trade data already showed Canada’s first surplus in six months, driven by stronger gold and oil-product exports, offering an early sign of the commodity boost.
RBC expects first-quarter GDP growth of 1.7%, but forecasts diverge beyond that: Scotiabank says oil staying $10 above baseline could add 0.3% this year, while Deloitte warns broader war effects could cut growth by as much as 20%.

Will the Iran war fuel a Canadian economic boom or trigger a 20% GDP collapse?

As peace talks begin, can diplomacy undo the war's severe damage to the global economy?