Canada’s economic growth was essentially flat in Q4, StatCan says – National

Canada’s gross domestic product (GDP) was “nearly unchanged” in the last quarter of 2022, Statistics Canada said Tuesday, ending a prolonged period of economic growth.

Heading into the fourth quarter of 2022, the economy had grown for five consecutive quarters.

Statistics Canada also said real GDP declined by 0.1 per cent in December.

Canada’s rebound from the COVID-19 pandemic led to strong economic growth last year, but the economy is expected to slow in early 2023 amid high interest rates.

RBC says its own credit card data shows spending plateaued in the second half of 2022 as consumers began to face high interest rates and inflation.

However, the bank says early data suggests a bounce back in January GDP as the economy added 150,000 jobs.

— with files from The Canadian Press

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