Canada: Economy cooled during Q4 but was far from ice cold – CIBC

Data released on Tuesday showed the Canadian economy grew 0.1% in November, with Q4 GDP estimated to have increased at a 1.6% annualized pace. Analysts at CIBC point out that the Canadian economy cooled during the final quarter of last year but was far from ice cold.

Key quotes:

“A 0.1% increase in GDP during November, combined with a marginal upward revision to the prior month and a flat estimated reading for December, resulted in a 1.6% annualized growth rate for the quarter as a whole. While that is a clear deceleration relative to the pace of growth seen earlier in the year, it is still better than most forecasters were anticipating before the quarter began.”