OTTAWA (Reuters) -The Canadian economy expanded at an annualized rate of 1.0% in the fourth quarter, exceeding expectations, data showed on Thursday, a...
OTTAWA -The Canadian economy expanded at an annualized rate of 1.0% in the fourth quarter, exceeding expectations, data showed on Thursday, a result that should ease interest rate-cutting pressure on the central bank.
The Bank of Canada has kept its key overnight rate at a 22-year high of 5% for the past four meetings as it strives to root out underlying inflation driven by shelter costs, food prices and wages. Final domestic demand, composed of expenditures on final consumption and gross fixed capital formation, edged down 0.2% in the fourth quarter and outside of 2020, real GDP in 2023 rose at its slowest pace since 2016, StatsCan said.
In its monetary policy report last month, the BoC had forecast economic growth to stall in the fourth quarter and grow by an annualized 0.5% in the first quarter. It expects this year's growth to be 0.8%. Since the BoC's last rate announcement, data has been mixed with job growth exceeding expectations in January and inflation cooling faster than expected. At 2.9%, inflation is still running hotter than the bank's 2% target.
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