Higher household spending helped grow Canada’s economy at the end of 2024.
Statistics Canada says real gross domestic product increased 0.6 cent in the fourth quarter.
That was compared to a 0.5 per cent increase recorded during Q3, according to the agency.
Household spending rose 1.4 per cent, marking the strongest growth since the second quarter of 2022.
It was thanks to higher spending on new trucks, vans and SUVs, along with financial and telecommunication services.
On a per capita basis, household expenditures rose one per cent during the fourth quarter.
Other factors that helped with GDP growth included a 1.8 per cent increase in exports, although that was moderated by a 1.3 per cent increase in imports.
The release of the new figures comes just days before sweeping U.S. tariffs on Canada are set to begin on Tuesday.
Bank of Canada Governor Tiff Macklem has said if the tariffs play out as threatened, there will be “severe” economic impacts on Canada.
“A protracted trade conflict would sharply reduce exports and investment. It will cost jobs and boost inflation in the next few years and lower our standard of living in the long run,” Macklem said during a speech last week in Mississauga, Ont.
