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

Bank of Canada building is pictured in Ottawa on Tuesday, April 28, 2026. THE CANADIAN PRESS/Sean Kilpatrick

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.