Statistics Canada will release December and fourth quarter gross domestic product figures this morning. A person walks past RBC signage in Toronto on Tuesday, Sept. 20, 2022. THE CANADIAN PRESS/Alex Lupul
OTTAWA – Statistics Canada will release December and fourth quarter gross domestic product figures this morning.
The federal agency’s preliminary estimate indicated the economy grew at an annualized rate of 1.6 per cent in the fourth quarter, marking a slowdown from previous quarters.
In comparison, the economy grew at an annualized rate of 2.9 per cent in the third quarter of 2022.
Canada’s rebound 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.
RBC says its own credit card data shows spending plateaued in the second half of 2022 as consumers began to face high interest rates and inflation.
However, the bank says early data suggests a bounce back in January GDP as the economy added 150,000 jobs.
This report by The Canadian Press was first published Feb. 28, 2023.
