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Canada’s economy stalled at the end of 2022 with zero growth, the government statistical agency said Tuesday, coming in below analysts’ expectations.
In the last three months of last year business spending on machinery and equipment fell, household spending rose slightly, exports edged up while imports declined, and housing prices fell — coinciding with higher borrowing costs, according to Statistics Canada.
The agency also revised downward third quarter growth from 2.9 percent to 2.3 percent.
Economists had expected Canada would end the year with growth of up to 1.6 percent, while the Bank of Canada had forecast gross domestic product (GDP) of 1.3 percent.
Desjardins analyst Royce Mendes said, however, that the …