OTTAWA — The Canadian economy was treading water at the end of 2022, the latest GDP report shows, but beneath the disappointing data is resilient consumer spending keeping the economy afloat.
But Statistics Canada expects the economy bounced back in January, posting 0.3 per cent growth in real GDP. The fourth quarter slowdown was largely driven by businesses accumulating less inventory than in the previous two quarters. The federal agency said the household savings rate was six per cent in the fourth quarter, up from five per cent the previous quarter.The report partly attributes this improvement in household finances to government benefits, including the one-time top-up to the GST tax credit and a 10 per cent increase in Old Age Security payments for seniors aged 75 years and over.
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