(Theophilos Argitis – Bloomberg)
Canada’s indefatigable households and a sharp drop in imports kept the country’s economy growing at a 2.6 percent annualized pace in the final quarter of 2016, helping offset what looks to be a deepening slump in business investment.
Statistics Canada also raised its third-quarter growth estimate to 3.8 percent, from 3.5 percent, showing the nation’s economy had its best half-year performance since the final six months of 2013, or before the collapse of oil prices.
The confirmation that Canada is emerging from the commodity slump should come as a relief to policy makers who struggled to cope with a near-stagnant economy, as the nation dealt with the impact of an oil price shock and faltering export sector. Click here to read more.