Thomson ReutersCanada's economy was growing at a fast enough clip in the last quarter of 2021 that it was finally bigger than it was before the pandemic.Canada's economy grew 6.7 per cent in the fourth quarter on an annualized basis, beating analyst expectations of 6.5 per cent, while January GDP most likely rose 0.2 per cent after stagnating in December, Statistics Canada data showed.
With January's gain, which is a preliminary estimate, economic activity is now 0.6 per cent above pre-pandemic levels, the agency said. "While the clouds darkened a bit before the end of the year ... GDP posted a surprising 0.2 per cent advance in January despite the Omicron wave and all of the associated job losses," said Royce Mendes, head of macro strategies at Desjardins Group."The economy likely built on that momentum in February, as the latest COVID wave turned a corner, which allowed for more reopenings across the country.
The strong fourth quarter print came in above the Bank of Canada's own January forecast of a fourth quarter gain of 5.8 per cent. The central bank is broadly expected to raise its key interest rate to 0.50 per cent when its meets on Wednesday. "I don't think the year-end numbers change the picture much for the bank other than to drive home the point that the economy was still managing to grind ahead even in the face of Omicron," said Doug Porter, chief economist at BMO Capital Markets.
The economy is in the gutter. Do you ever report on reality?
Strong economy? Obviously not from the perspective of the bottom 75% of the population who can't afford rent or food.
The only way to slow this out of control inflation is to raise interest rates. This should have been addressed several years ago but now it's totally insane 😳
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