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 is set to release its fourth quarter gross domestic product report today.
A preliminary estimate from the federal agency suggests real gross domestic product increased 1.2 per cent on an annualized basis, following a decline of a similar magnitude in the third quarter.
RBC says it also expects the economy grew in the fourth quarter, but by an annualized rate of 0.5 per cent.
The bank says although that would mean the economy skirts a recession, it would mark the sixth straight quarterly decline on a per-capita basis.
The Canadian economy has slowed under the weight of higher interest rates as consumers rein in spending, slowing sales for businesses.
But so far, the economy has avoided a sharp downturn, as the unemployment rate continues to hover around pre-pandemic levels.
This report by The Canadian Press was first published Feb. 29, 2024.
