OTTAWA –
Statistics Canada will detail this morning how big of an economic rebound took place last year.
The agency’s initial estimate last month was that the economy grew by 4.9 per cent in 2021, a turnaround from 2020 when the Canadian economy suffered its worst year on record when output shrank by 5.4 per cent.
But the agency also said output was flat in December relative to November amid warnings of a slowdown heading into the start of 2022.
RBC economists Nathan Janzen and Claire Fan say they expect a decline in output in January, but note early indicators suggest a rapid recovery in February.
The economic figures are set to be released one day before the Bank of Canada’s next scheduled rate announcement. The central bank is widely expected to raise its key policy rate on Wednesday.
Also today, parliamentary budget officer Yves Giroux is scheduled to release his outlook for the Canadian economy this year and what it means for federal finances.
This report by The Canadian Press was first published Mar. 1, 2022.
