Canada's Real GDP Grows 3.8 Percent in 2022
According to the advance information released by the national statistical agency, it indicated a 0.4 percent increase in real industry GDP in the fourth quarter of 2022 and a 0.1 percent increase in December.
In December, increases in the retail, utilities, and public sectors were offset by decreases in the wholesale, finance and insurance, and mining, quarrying, and oil and gas extraction sectors, the agency said.
Owing to its preliminary nature, these estimates will be updated on Feb. 28 with the release of the official GDP data for December and the fourth quarter of 2022, the agency added.
Canada's GDP edged up 0.1 percent in November, following the same growth in October. Growth in services-producing industries was partially offset by a decline in goods-producing industries, Statistics Canada said, explaining that the removal of travel restrictions and rising interest rates continued to affect certain industries.
On Oct. 1, 2022, all COVID-19 border restrictions, including vaccination, mandatory use of the ArriveCAN app as well as any testing and quarantine requirements, were removed for all travelers entering Canada by land, air, or sea. This removal of restrictions continued to support gains in the transportation and warehousing sector in November.
Meanwhile, interest rate hikes by the Bank of Canada over the course of 2022 continued to have an effect on activity at offices of real estate agents and brokers, residential building construction and legal services which have been trending downward since the spring, Statistics Canada said.
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