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Canada’s growth slows to weakest pace in almost four years as economic woes bite

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Canada’s economic growth slowed to an annualized rate of 0.3 per cent in the fourth quarter, the worst performance in almost four years, thanks in part to strikes, bad weather and shutdowns, Statistics Canada said on Friday.

The number matched both the forecast of analysts in a Reuters poll as well as the Bank of Canada’s prediction. Statscan revised third quarter annualized growth down to 1.1 per cent from an initial 1.3 per cent.

The Bank of Canada’s next interest rate decision is on Wednesday, and market expectations of a cut have jumped as the economy faces challenges from a coronavirus outbreak and rail blockades. The central bank has left rates unchanged since October 2018.

Reported by Financial Post

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