The Canadian economy reportedly showed surprising results as the economy at the end of last year grew rapidly even amid a new wave of Covid-19 sanctions.
Gross Domestic Product (GDP / GDP) grew by 9.6% in the fourth quarter after fluctuations in previous quarterly GDP based on figures released by the Canadian Department of Statistics.
The reading in the fourth quarter was much higher than a survey by Bloomberg economists targeting just 7.3% growth. Preliminary estimates from the statistics agency show that the Canadian economy is on track to strengthen by 0.5% in January.
This report has to some extent eased market concerns about the impact of the second wave on the economy resulting in the implementation of lockdown measures. The figures also boosted confidence that the economy would grow in the first quarter of 2021.
Throughout 2021, Canada's GDP declined 5.4% as expected but signaled a year-on-year decline since 1961. The US Dollar strengthened against the CAD by 0.02% to the 1.2647 exchange rate.
