April 17th, 2024

Economy grew at annualized rate of 1% in Q4, Statistics Canada says

By The Canadian Press on February 29, 2024.

Statistics Canada is set to release the fourth quarter gross domestic product report today.A sign outside a building at Statistics Canada in seen in Ottawa on Friday, March 12, 2021. THE CANADIAN PRESS/Justin Tang

OTTAWA – Statistics Canada says the economy grew at an annualized rate of one per cent in the fourth quarter.

That follows a decline in real gross domestic product in the third quarter of 0.5 per cent annualized.

The federal agency says growth was driven by a rise in exports, while housing and business investment both fell.

In December, real GDP was flat as goods-producing industries contracted and Quebec’s public sector workers’ strike weighed on growth.

The federal agency says outside of 2020, economic growth in 2023 rose at its slowest pace since 2016.

A preliminary estimate suggests real GDP grew by 0.4 per cent in January.

This report by The Canadian Press was first published Feb. 29, 2024.

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