Canadian economy didn’t grow in last quarter, latest numbers show

OTTAWA –

The Canadian economic system stayed flat within the fourth quarter following 5 consecutive quarters of development, marking a deeper slowdown than anticipated.

Statistics Canada says actual gross home product was unchanged within the final three months of 2022, regardless of larger family and authorities spending in addition to a stronger commerce place for Canada.

Real GDP was weighed down by a slower accumulation of inventories by companies together with a decline in actual business funding.

The report exhibits a a lot grimmer economic system than forecasters had anticipated as larger rates of interest take a extra noticeable toll on the economic system.

In December, the economic system contracted by 0.1 per cent as goods-producing industries declined.

However, a preliminary estimate from Statistics Canada suggests the economic system bounced again in January with 0.3 per cent development in actual GDP.