Economy

Canada’s Economy Grew An Annualized 6.7% In Q4 2021 – Yahoo Canada Finance

Published

3 years ago

March 2, 2022

Canada’s economy grew at an annualized rate of 6.7% in the fourth quarter of last year despite renewed COVID-19 lockdown measures.

The fourth quarter gross domestic product (GDP) expansion followed growth of 5.5% in the third quarter, bringing Canada’s economic output back to pre-pandemic levels. Economists had forecast 6.5% GDP growth in Q4.

For all of 2021, Canada’s GDP expanded 4.6%, the biggest increase in two decades. That’s after the economy shrank the most in more than six decades in 2020.

Preliminary data from Statistics Canada showed a 0.2% monthly gain in January, even after the country was hit by a wave of COVID-19 infections and new lockdown requirements.

Fourth-quarter output was better than the Bank of Canada’s recent estimate of 5.8% annualized growth and reinforces market views that the central bank is about to begin a series of interest rate increases.

The Bank of Canada is expected to raise its benchmark interest rate by a quarter percentage point today (March 2), with markets pricing in a total of seven rate hikes over the next 12 months.

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The Canadian dollar reversed losses after the latest GDP figures were released and rose 0.1% to $1.267 per U.S. dollar in Toronto trading.

Businesses led the expansion in the fourth quarter, ramping up inventories and spending more on machinery and equipment.

Non-residential business investment rose by an annualized 8.7%. Inventory accumulation was the biggest contributor of economic growth as supply constraints eased, representing almost two-thirds of the 6.7% annualized gain.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

13 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

20 hours ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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