Investing.com – Although growth in Canada's economy weakened in December, it still managed to come in slightly ahead of the consensus estimate, official data showed on Tuesday.
In a report, Statistics Canada said gross domestic product expanded 0.2% in December from a month earlier, slightly higher than forecasts for growth of 0.1%. Canada’s economy grew 0.3% in November.
Quarter-over-quarter, Canada’s economy expanded at an annualized rate of 0.8% in the fourth quarter, beating expectations for an advance of 0.1% and following growth of 2.4% in the preceding quarter, that was revised upwards from an initial figure of 2.3%.
The loonie strengthened after the release, with the USD/CAD trading at 1.3475 from around 1.3532 ahead of the release of the data.