Statistics Canada says the economy grew by 0.1 per cent in November.
A preliminary estimate from the federal agency suggests real gross domestic product grew by an annualized rate of 1.6 per cent in the fourth quarter.
This is a breaking news update. Our earlier story follows.
Statistics Canada is set to release its November reading of real gross domestic product this morning.
RBC is forecasting real GDP grew by 0.1 per cent in November, a figure that is in line with Statistics Canada’s preliminary estimate.
The federal agency will also provide a preliminary estimate of economic growth for December and the fourth quarter.
Economic growth is expected to slow in response to higher interest rates, with many economists anticipating a mild recession this year.
The Bank of Canada has raised its key interest rate eight consecutive times since March, bringing it to 4.5 per cent, the highest it’s been since 2007.
After hiking interest rates last week, the central bank signalled it would take a pause to assess how higher interest rates are affecting inflation and the economy.
This report by The Canadian Press was first published Jan. 31, 2023