Statistics
Canada announced on Thursday that the country’s gross domestic product (GDP) was flat m-o-m in December 2023
after an unrevised 0.2 per cent m-o-m
advance in November. This
disappointed economists who had predicted a 0.2 per cent m-o-m growth.
In the fourth
quarter of 2023, the Canadian GDP increased
0.2 per cent q-o-q, following an
upwardly revised 0.1 per cent q-o-q contraction (from -0.3 per cent q-o-q) in the third quarter.
According to
the report, the GDP’s q-o-q growth reflected higher exports and reduced imports,
moderated by a decline in business investment.
Expressed at an
annualized rate, Canada’s GDP grew 1.0 per cent in the final quarter of 2023
after an upwardly revised 0.5 per cent shrinkage (from -1.1 per cent) in the
previous quarter. This marked the strongest annual expansion since the first quarter
of 2023 (+2.6 per cent y-o-y) and was better than economists’ forecast of a 0.8
per cent advance.
Also,
Statistics Canada revealed that preliminary data indicates that real GDP grew 0.4
per cent m-o-m in January
2024.