Canada's gross domestic product in the fourth quarter expanded by 2.6% on an annualized basis, surpassing widespread expectations, as a jump in consumer spending, business investments and exports lifted growth,

Canada’s economy perked up in the final months of last year as consumers continued to ramp up their spending, spurred on by the central bank’s rapid-fire interest-rate cuts.

Canada’s economy grew 2.6 per cent in the fourth quarter of 2024, Statistics Canada said on Friday, blowing past expectations as real gross domestic product (GDP) increased 0.2 per cent in December. Economists had expected the economy to grow 1.