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After 5 consecutive quarters of growth, Canada's economy ends in Q4.
(MENAFN) In the fourth quarter of 2022, Canada's economy stagnated, ending five consecutive quarters of growth, according to Statistics Canada data released on Tuesday.
In the fourth quarter of the previous year, the gross domestic product (GDP) was essentially unchanged, falling far short of market expectations for an increase of 1 point 5 percent.
"Slower inventory accumulations along with declines in business investment in machinery and equipment and housing offset higher household and government spending and improved net trade," the agency stated in a statement.
The second quarter of 2022 saw GDP grow by 0.8 percent, while the third quarter saw North American economic growth of 0.7 percent.
According to the agency, price increases in the first and second quarters of 2017 caused the nominal GDP to grow by 11 percent in 2022.
Following the COVID-19 pandemic-induced contraction in 2020, real GDP and final domestic demand increased for the second consecutive year, according to the statement.
Real GDP decreased 0.1 percent on a monthly basis in December after increasing 0.1 percent in November.
According to early projections, the real GDP is expected to grow by 0 points of 3 percent in January, driven primarily by growth in the mining, oil and gas extraction, wholesale trade, transportation, and warehousing sectors, according to Statistics Canada.
In the fourth quarter of the previous year, the gross domestic product (GDP) was essentially unchanged, falling far short of market expectations for an increase of 1 point 5 percent.
"Slower inventory accumulations along with declines in business investment in machinery and equipment and housing offset higher household and government spending and improved net trade," the agency stated in a statement.
The second quarter of 2022 saw GDP grow by 0.8 percent, while the third quarter saw North American economic growth of 0.7 percent.
According to the agency, price increases in the first and second quarters of 2017 caused the nominal GDP to grow by 11 percent in 2022.
Following the COVID-19 pandemic-induced contraction in 2020, real GDP and final domestic demand increased for the second consecutive year, according to the statement.
Real GDP decreased 0.1 percent on a monthly basis in December after increasing 0.1 percent in November.
According to early projections, the real GDP is expected to grow by 0 points of 3 percent in January, driven primarily by growth in the mining, oil and gas extraction, wholesale trade, transportation, and warehousing sectors, according to Statistics Canada.
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