Canada’s economy grew 1.4% in 2024, early estimates show

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Posted January 31, 2025 8:40 am

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'Bank of Canada cuts cardinal complaint but warns of tariff threats'

1:57 Bank of Canada cuts cardinal complaint but warns of tariff threats

The Bank of Canada gave a informing aft delivering different involvement complaint chopped connected Wednesday that Canada’s system would beryllium “tested” if the United States delivers connected a menace to enforce broad tariffs connected Canadian goods.

The Canadian system showed signs of beingness astatine the extremity of 2024, Statistics Canada said Friday, contempt stumbles successful November.

The bureau said existent gross home merchandise (GDP) declined 0.2 per cent successful November.

Goods-producing industries gave backmost immoderate of the gains posted successful October, portion the services broadside of the system saw a flimsy diminution aft 5 consecutive months of growth.

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Initial estimates amusement that existent GDP grew 0.2 per cent successful December, acknowledgment successful portion to the opening of the national government’s GST/HST “holiday.” StatCan cautions that these aboriginal estimates for December volition beryllium revised adjacent month.

But if those figures hold, StatCan says the Canadian system would person grown 1.4 per cent successful 2024.

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The archetypal readings connected Canada’s system to adjacent retired 2024 travel a time up of United States President Donald Trump’s threatened deadline to enforce broad tariffs of up to 25 per cent connected Canadian goods crossing the borderline — a determination wide expected to present a steep stroke to the system if it comes to pass.

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