The Canadian Statistics Authority announced movements in the Canadian economy; it achieved growth of 0.2% during November, representing the first increase in six months, and the federal agency indicated that this development was influenced by gains made by goods-producing industries, including wholesale trade.

Preliminary estimates revealed a rise in GDP, which increased by as much as 0.3% during the fourth quarter, following a 1.1% decline during the third quarter.

StatCan had indicated that this movement would play a role in achieving development in Canadian economic growth, reaching 1.1% during the third quarter of 2023.

The Canadian economy had contracted last year, and the impact of this was reflected in the rise in borrowing costs on consumer spending and real estate investment.

It is noteworthy that economists as well as the Bank of Canada expect economic growth to remain slow and weak during the first half of the current year 2024, before returning to recovery during the second half of the same year. The forecasts also indicated that the central bank would begin cutting interest rates early; which helps the economy recover and start the recovery phase.