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The Canadian GDP expanded by 0.5% from the previous quarter in the first three months of 2025, maintaining the revised 0.5% growth rate from the earlier period and ahead of expectations. While the figures were better than those flagged by the BoC, the concentration of growth in net foreign demand and inventory accumulation was supported by firms front-running tariffs from the US instead of core economic strength. The exports of goods and services expanded by 1.6%, while imports rose by a softer 1.1%. In the meantime, business non-farm inventories were accumulated at a sharp pace after withdrawals in the end of last year, adding $8.7 billion to the GDP. Still, economic uncertainty drove household consumption to slow (0.3% vs 1.2% in Q4 2024), while government expenditure contracted for the first time in one year (-0.8% vs 2.3%). On an annualized basis, the Canadian GDP expanded by 2.2%, firmly above expectations of 1.7%.