The Canadian economy showed signs of life at the end of 2024, Statistics Canada said Friday, despite stumbles in November.
The agency said real gross domestic product (GDP) declined 0.2 per cent in November, coming after a 0.3 per cent boost in October.
StatCan said that November’s drop was the largest monthly contraction since December 2023.
Goods-producing industries gave back some of the gains posted in October, while the services side of the economy saw a slight decline after five consecutive months of growth.
The national decline in November came despite Taylor Swift’s Eras Tour arriving in Toronto, which StatCan said helped to boost sectors related to the arts, food and accommodation and air transportation.
The Canada Post strike dragged down the transportation and warehousing sector in November, as did ongoing work stoppages at ports in Montreal and British Columbia.
Initial estimates show that real GDP grew 0.2 per cent in December, thanks in part to the beginning of the federal government’s GST/HST “holiday.” StatCan cautions that these early estimates for December will be revised next month.
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But if those figures hold, StatCan says the Canadian economy would have grown 1.4 per cent in 2024.
The initial readings on Canada’s economy to close out 2024 come a day ahead of United States President Donald Trump’s threatened deadline to impose blanket tariffs of up to 25 per cent on Canadian goods crossing the border — a move widely expected to deliver a steep blow to the economy if it comes to pass.
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