Canada’s economy expanded 0.2% quarter-on-quarter in Q4, the latest data by Statistics Canada showed, following a revised up 0.1% contraction in Q3.
Last quarter, Canada’s exports of goods and services surged 1.4%, mostly supported by a 6.2% increase in shipments of crude oil and crude bitumen.
Total imports of goods and services went down 0.4% quarter-on-quarter, the data showed.
Positive contribution to the nation’s GDP also came from household spending. The latter went up 0.2% in Q4, while picking up from a 0.1% growth in the prior three-month period.
On the other hand, business investment in the country decreased for the sixth time in the past seven quarters in Q4.
In annual terms, the nation’s GDP grew 1% in the fourth quarter, while exceeding a consensus of analyst estimates of 0.8% growth.
Considering the full 2023, Canada’s real GDP rose 1.1%, which marked the third straight year of expansion.
The USD/CAD currency pair was last little changed on the day to trade at 1.3575.
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