In a report released by Statistics Canada today, a 1% growth was recorded in the third quarter.
The GDP data is the deciding factor for the Bank of Canada to determine the size of its upcoming rate-cut.
The report noted that household and government spending added to the growth, which was partly countered by decreases in business investments and exports. Statistics Canada reported that household spending increased by 0.9 percent.
Last week, Prime Minister Justin Trudeau announced new measures to boost the economy, including a two-month GST holiday on certain goods and services. The Liberal government is also sending a “Working Canadians Rebate” in 2025. The rebate is a $250 cheque for people in Canada who worked in 2023 and earned $150,000 or less.
The report shows that if not for a surge in its population and continual government spending, Canada had the potential to face a recession.
By CEO NA Editorial Staff
