Canadian economy not in recession, but 2023 was one of its weakest recent years

The Canadian economy expanded at an annualized rate of one per cent in the fourth quarter as high interest rates weighed on growth, but not enough to push the economy into a recession. The increase in real gross domestic product (GDP) follows a decline in the third quarter of 0.5 per cent annualized. Statistics Canada says growth in the fourth quarter was driven by a rise in exports, while housing and business investment both fell. In December, real GDP was flat as goods-producing industries contracted and Quebec’s public sector workers’ strike weighed on growth. The federal agency says outside of 2020, economic growth in 2023 rose at its slowest pace since 2016. WATCH l Retail, transporta

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