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Canada Q4 Annualized GDP Beats BoC Forecasts, Jan Flash +0.4%

CANADA DATA
  • Canada Q4 annualized GDP rose 1%, beating the consensus of +0.8% and increasing much faster than the BoC forecast for no change. 
  • Growth was driven by higher exports and lower imports, but was partially offset by declines in business investment.
  • Excluding 2020, growth in 2023 was the slowest since 2016.
  • December GDP was unchanged as Quebec public sector strikes weighed on growth.
  • Flash January GDP rebounds +0.4% after strikes ended. Growth was moderated by decreases in mining and oil extraction. 
  • The GDP report is the last major release before the BoC interest-rate decision on March 6th. 

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