Investing.com – Canada's gross domestic product rose more-than-expected in December, official data showed on Monday.
In a report, Statistics Canada said gross domestic product rose by a seasonally adjusted 0.5% in December, after rising by 0.4% in November.
Analysts had expected Canada’s gross domestic product to rise by 0.3% in December.
Canada’s economy grew at an annualized rate of 3.2% in the fourth quarter, after rising by 3.0% in the preceding quarter, exceeding expectations for a rise of 2.8%.
According to the data, higher demand for exports contributed the most to the increase in GDP.
Following the release of the data, the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.23% to hit 0.9759.
In a report, Statistics Canada said gross domestic product rose by a seasonally adjusted 0.5% in December, after rising by 0.4% in November.
Analysts had expected Canada’s gross domestic product to rise by 0.3% in December.
Canada’s economy grew at an annualized rate of 3.2% in the fourth quarter, after rising by 3.0% in the preceding quarter, exceeding expectations for a rise of 2.8%.
According to the data, higher demand for exports contributed the most to the increase in GDP.
Following the release of the data, the Canadian dollar was up against its U.S. counterpart, with USD/CAD shedding 0.23% to hit 0.9759.