08:15 AM EDT, 05/30/2025 (MT Newswires) -- Canada refreshes at 8:30 a.m. ET on Friday a batch of gross domestic figures that may be the last chance for markets and consensus to reassess expectations for next week's Bank of Canada meeting, said Scotiabank.

Most expect Q1 GDP growth in the 1.5% to 1.75% quarter-over-quarter seasonally adjusted annual rate (SAAR) range, according to the bank.

Hours worked were up 2% quarter-over-quarter SAAR but several activity readings skewed to the goods side of the economy were soft and it will partly come down to services, plus inventory and import swings that will merit a close eye on final domestic demand, stated Scotiabank.

Statistics Canada had previously guided March GDP was looking like 0.1% month-over-month seasonally adjusted and this will be firmed up. April's tentative 'flash' could be decent with a big gain in hours worked and housing starts, plus a small election effect among the reasons, added the bank.

Key, however, will be two things ahead of the BoC next Wednesday, pointed out Scotiabank. One is whether the BoC's expectations for Q1 are in the general ballpark of reality and second will be how data informs which of its two scenarios unfolds going forward.

The BoC skipped a base case forecast in the April Monetary Policy Report in favor of competing scenarios, recalled the bank.