Indicators
Economic Growth Slows to 1.6% in Canada as Steep Hikes Bite
- GDP flat in December, with energy and finance contracting
- Data support central bank decision to pause on interest rates
Homes being built in Vaughan, Ontario, last month. Construction dropped 0.7%, according to Statistics Canada’s latest gross domestic product reading.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
Canada’s economy geared down at the end of 2022, growing at about half the pace of the third quarter and setting the stage for a period of little to no growth.
Preliminary data suggest gross domestic product was flat in December as increases in retail, utilities and the public sector were offset by decreases in the wholesale, finance and oil and gas industries, Statistics Canada reported Tuesday in Ottawa. That followed a 0.1% gain in November, which matched economist expectations in a Bloomberg survey, and a 0.1% increase in October.