Statistics Canada is set to release its November gross domestic product report this morning, along with a preliminary estimate for economic growth in the fourth quarter. The Bay Street Financial District is shown with the Canadian flag in Toronto on Friday, August 5, 2022.THE CANADIAN PRESS/Nathan Denette
OTTAWA – Statistics Canada is set to release its November gross domestic product report this morning, along with a preliminary estimate for economic growth in the fourth quarter.
RBC says it expects the economy grew 0.1 per cent in November, which would mark the first time real GDP ticked up in six months.
However, it still anticipates that the economy slightly shrank in the fourth quarter.
With interest rates at the highest level seen in decades, the Canadian economy has been struggling to grow.
Canadian consumers are pulling back on their spending as they shell out more on mortgage interest costs, while businesses are seeing their sales growth slow.
Economists expect growth to remain weak in the first half of this year, before picking back up in the second half of 2024.
This report by The Canadian Press was first published Jan. 31, 2024.
