Canadian GDP Stalls in December Following New Lockdowns

Canada’s GDP showed signs of slowing down at the end of 2021, as a new round of lockdowns in face of the Omicron variant took a toll on economic output.

According to data from Statistics Canada, the month of November saw real GDP rise 0.6%, following an increase of 0.8% in the month prior. Both goods-producing and services-producing industries noted increases, with 17 of the 20 industrial sectors noting an advance in output. November’s gain brings the economy 0.2% above the February 2020 level, prior to the onset of the pandemic.

Advanced data from the statistics agency indicates that output in December remained relatively unchanged, suggesting that the new round of pubic health lockdowns in response to the Omicron variant may have modestly slowed down Canada’s economy in the final month of 2021. With respect to early estimates for the fourth quarter, GDP was up 1.6%, giving rise to an annual rebound of 4.9% last year compared to the beginning of the pandemic in 2020.

However, December’s slowdown was likely not enough to hinder the year’s overall robust growth, further giving rise to expectations that the Bank of Canada will begin raising interest rates throughout 2022.


Information for this briefing was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

Canadian Constitution Foundation Launches Legal Challenge Against Trudeau’s Invocation of Emergencies Act

The Canadian Constitution Foundation (CCF), an independent, non-partisan charity, has revealed it has started a...

Thursday, February 17, 2022, 02:28:26 PM

Canadian Home Sales Soared to New Record in January

Real estate activity across Canada does not appear to be slowing down in the new...

Thursday, February 18, 2021, 04:09:00 PM

Canada’s Unemployment Rate Fell to 7.5% in March as Economic Recovery Gains Momentum

Canada’s labour market exceeded expectations for a second month in a row as the economy...

Friday, April 9, 2021, 02:53:00 PM

Canada’s Economy Contracted 0.3% in April Amid Surge of Covid-19 Cases

Canada’s economy contracted by less than expected in April, despite a sudden surge of Covid-19...

Thursday, July 1, 2021, 09:36:43 AM

Canada Halts Funding for Research Connected to Chinese Military and State Security Institutions

Just a few days after Prime Minister Justin Trudeau authorized the United States to shoot...

Wednesday, February 15, 2023, 02:18:00 PM