Economy Grew at Annualized Rate of 1% in Q4, Statistics Canada Says

The Canadian economy expanded at an annualized rate of one percent in the fourth quarter as high interest rates weighed on growth, but not enough to push the economy into a recession. The increase in real gross domestic product follows a decline in the third quarter of 0.5 percent annualized. Statistics Canada says growth in the fourth quarter was driven by a rise in exports, while housing and business investment both fell. In December, real GDP was flat as goods-producing industries contracted and Quebec’s public sector workers’ strike weighed on growth. BMO chief economist Douglas Porter says the economy is “grinding forward” with help from strong U.S. spending trends, which have boosted Canadian exports....