The Canadian economy ended 2022 with a deeper slowdown than anticipated amid higher interest rates.
We apologize, but this video has failed to load.Real business investment also declined for a third consecutive quarter as higher interest rates weakened housing investment in 2022.But the report includes some silver linings for Canadians. After declining by 0.1 per cent in the third quarter, household spending bounced back by 0.5 per cent in the fourth quarter. Household disposable incomes also rose faster than their nominal spending, allowing them to save more money.
The report partly attributes this improvement in household finances to government benefits, including the one-time top-up to the GST tax credit and a 10 per cent increase in Old Age Security payments for seniors aged 75 years and over.Article content A preliminary estimate from Statistics Canada suggests the economy bounced back in January, posting 0.3 per cent growth in real GDP.But most economists expect the Canadian economy won’t be able to avoid a recession in the first half of the year as higher interest rates dampen spending.
The central bank contends a slowdown is necessary to bring inflation back down to its two per cent target.
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