Statistics
Canada unveiled on Friday that the country’s gross domestic product (GDP) increased
0.2 per cent m-o-m in December 2024
after an unrevised 0.2 per cent m-o-m drop in November 2024. This was slightly worse than
economists’ forecast of a 0.3 per cent m-o-m increase.
In the fourth
quarter of 2024, the Canadian GDP grew
0.6 per cent q-o-q, following an
upwardly revised 0.5 per cent q-o-q expansion (from +0.3 per cent q-o-q) in the third quarter. That marked
the fifth quarterly rise in real GDP in a row.
According to
the report, the GDP’s q-o-q increase was driven by higher household final
consumption expenditures and increased exports and business investment. Meanwhile,
reductions in business inventories and higher imports moderated the overall
growth.
Expressed at an
annualized rate, Canada’s GDP expanded 2.6 per cent in the final quarter of
2024 after an upwardly revised 2.2 per cent rise (from +1.0 per cent) in the
previous quarter. That was well
above economists’ forecast of a 1.9
per cent y-o-y advance.
Also,
Statistics Canada said its preliminary data indicates that real GDP rose 0.1 per cent m-o-m in January 2025.