Canada's Economy Shows Strong Rebound in Last Quarter
In a report by Statistics Canada, the country's economy displayed robust growth in the last quarter, surpassing market expectations. The increase in exports played a pivotal role in outweighing the persistent decline in business investment.
Key Statistics and Figures
- Gross Domestic Product (GDP) rose by 1.0% at an annualized rate in the fourth quarter, reaching 2.355 trillion Canadian dollars ($1.735 trillion).
- Market forecasts had anticipated a 0.8% expansion for the same period.
- The third quarter's economic contraction was revised to 0.5% from the initial estimate of 1.1%.
Industry-Level Data and December Performance
Recent statistics revealed that the economy remained relatively stable in December, with no significant change from the previous month's growth. While November saw a 0.2% increase, December's stagnation aligned closely with economist predictions for the final month of 2023.
Outlook and Early Estimates for January
An early estimate for January hinted at a 0.4% month-over-month growth in GDP, indicating a positive trajectory for the country's economic landscape.
Overall, Canada's economic rebound showcases resilience and potential for sustained growth in the coming months.
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