Canada’s financial system grew within the remaining months of 2024, even because the shadow of U.S. President Donald Trump‘s threatened tariffs looms over the nation.
Statistics Canada mentioned Canada’s GDP grew by 0.6 per cent within the fourth quarter of 2024, in comparison with 0.5 per cent within the third quarter.
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This was led by family spending, which noticed a rise of 1.4 per cent – the strongest progress because the second quarter of 2022.
The GDP estimates come simply days earlier than Trump’s sweeping tariffs on Canada are scheduled to enter impact. A number of economists, together with Financial institution of Canada governor Tiff Macklem, have mentioned broad-based tariffs by the US could be devastating for Canada’s financial system.
“Within the pandemic, we had a steep recession adopted by a speedy restoration because the financial system reopened,” Macklem mentioned final week. “This time, if tariffs are long-lasting and broad-based, there gained’t be a bounceback.”
Macklem mentioned whereas Canada may get well a part of the expansion, the harm could be long-lasting.
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