Canada narrowly avoids recession as economy sees growth

The national economy managed to skirt a technical recession in 2023, a Statistics Canada report Thursday showed.

And while the Bank of Canada may well have achieved its coveted “soft landing” – tamping down inflation without triggering a recession – experts say signs of life in the Canadian economy could keep interest rates elevated until mid-year.

Annualized growth for real gross domestic product (GDP) in the fourth quarter remained positive at 1.0 per cent, the agency said Thursday. A rise in exports helped boost the economy, while housing and business investment fell.

Global's Anne Gaviola has more on why this almost certainly means a pause from the Bank of Canada at its next interest rate announcement and how this may impact household budgets across the country.

For more info, please go to https://globalnews.ca/news/10325578/canada-gdp-q4-2023/

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