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Canada’s economy picked up steam heading into the end of 2023

Canada’s economy snapped a streak of flat growth in November and showed signs of gaining steam heading into the end of 2023, Statistics Canada says.

The agency reported Wednesday that real gross domestic product rose 0.2 per cent in November, thanks largely to strength in goods-producing sectors.

November marks the first month of growth since May 2023. With interest rates at the highest level seen in decades, the Canadian economy has been struggling to grow.

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StatCan’s initial estimates for December show a possible acceleration in growth to 0.3 per cent on a monthly basis, though these reports will be updated at the end of February.

But early signs of growth growth suggest Canada’s economy grew overall in the fourth quarter, potentially skirting a technical recession after a contraction in the third quarter.

Economists expect growth to remain weak in the first half of this year, before picking back up in the second half of 2024.

– with files from The Canadian Press

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