People shop for produce at the Granville Island Market in Vancouver, on Wednesday, July 20, 2022. Canada's inflation rate was up 8.1 per cent in June compared with a year ago, its largest yearly change since January 1983. Statistics Canada will release its November reading of gross domestic product this morning.THE CANADIAN PRESS/Darryl Dyck
OTTAWA – The Canadian economy grew by 0.1 per cent in November as higher interest rates began to slow spending toward the end of the year.
Statistics Canada’s preliminary estimate for December indicates the economy stayed flat, suggesting the economy grew at an annualized rate of 1.6 per cent in the fourth quarter.
The economy grew at an annualized rate of 2.9 per cent in the third quarter.
In November, growth in real domestic product was driven by the public sector, transportation and warehousing and finance and insurance.
Meanwhile, construction, retail and accommodation and food services contracted.
Statistics Canada says economic growth for 2022 was an estimated 3.8 per cent.
This report by The Canadian Press was first published Jan. 31, 2023.
