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The main contributor to growth in the last quarter was household spending, which rose by 1.4 per cent, the strongest increase since the second quarter of 2022. Residential construction also rose by 3.9 per cent during the quarter, the largest jump since the beginning of 2021.
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Exports of goods and services rose by 1.8 per cent, after posting a decline of 0.2 per cent in previous quarter. The rise in exports was driven by increases in unwrought gold, silver and platinum group metals; crude oil and bitumen; and passenger cars and light trucks.
An early estimate shows Canada’s economy grew by 0.3 per cent in January. This was driven by increases in mining, quarrying and oil and gas extraction, wholesale trade and transportation and warehousing.
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Canada’s fourth-quarter growth results topped the expectations of the Bank of Canada and economists. The yearly growth rate was also above the 1.3 per cent forecast.
More to come…
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