How did Canada’s economy perform in the 4th quarter? StatCan to reveal – National

Statistics Canada releases Gross Domestic Product figures for December and the fourth quarter this morning.

Preliminary estimates from federal agencies show the economy grew at an annualized rate of 1.6% in the fourth quarter, indicating a slowdown from the previous quarter.

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By comparison, the economy grew at an annualized rate of 2.9% in the third quarter of 2022.

Canada’s recovery from the COVID-19 pandemic led to strong economic growth last year, but the economy is expected to slow in early 2023 amid high interest rates.

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Canada’s job boom: Impact of a hot economy on employers and interest rates

Credit card data show spending leveling off in the second half of 2022 as consumers began to face higher interest rates and inflation, according to RBC.

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But the bank said early data suggested GDP recovered in January as the economy added 150,000 jobs.

© 2023 The Canadian Press

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