Canada's real GDP grows 3.8% in 2022 on back of post-pandemic revival

Canada's real gross domestic product (GDP) grew 3.8 per cent in 2022, the national statistical agency announced.

Statistics Canada on Tuesday said that it indicated a 0.4 per cent increase in real industry GDP in the fourth quarter of 2022 and a 0.1 per cent increase in December, reports Xinhua news agency.

In December, increases in the retail, utilities, and public sectors were offset by decreases in the wholesale, finance and insurance, and mining, quarrying, and oil and gas extraction sectors, it said.

Owing to its preliminary nature, these estimates will be updated on February 28 with the release of the official GDP data for December and the fourth quarter of 2022, Statistics Canada added.

Canada's GDP edged up 0.1 per cent in November, following the same growth in October.

Growth in services-producing industries was partially offset by a decline in goods-producing industries, Statistics Canada said, explaining that the removal of travel restrictions and rising interest rates continued to affect certain industries.

On October 1, 2022, all Covid-19 border restrictions, including vaccination, mandatory use of the ArriveCAN app as well as any testing and quarantine requirements, were removed for all travellers entering Canada by land, air, or sea.

This removal of restrictions continued to support gains in the transportation and warehousing sector in November.

Meanwhile, interest rate hikes by the Bank of Canada over the course of 2022 continued to have an effect on activity at offices of real estate agents and brokers, residential building construction and legal services which have been trending downward since the spring, Statistics Canada said.

--IANS

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