Canada's Economic Outlook: Steady Growth Despite Global Uncertainty

Recent Trends and Projections

Canada's economy has experienced steady growth in recent years, with the real gross domestic product (GDP) edging up by 0.2% in the fourth quarter of 2023. This follows a 0.1% decline in the previous quarter, indicating a moderate recovery. Annual GDP growth for 2022 was 3.82%, marking a slight decline compared to the 5.29% growth rate achieved in 2021.

Historical Context

Canada's long-term economic performance has been relatively stable, with an average annual GDP growth rate of 3.04% from 1962 to 2023. Despite fluctuations due to global and domestic factors, the country's economy has generally exhibited resilience and adaptability.

Key Drivers of Growth

The recent growth in Canada's GDP has been driven by several key factors, including:

• Strong consumer spending
• Increased business investment
• Growing exports