Higher exports and reduced imports helped grow Canada’s economy in the fourth quarter.

Statistics Canada says real gross domestic product (GDP) grew at an annualized rate of one per cent.

It followed a 0.5 per cent decline we saw in the third quarter, according to the agency.

StatCan said growth was driven by higher exports and reduced imports, while housing and business investments were down.

“Outside of 2020, real GDP in 2023 rose at its slowest pace since 2016,” the agency said in its report on Thursday.

Meanwhile, economic growth was essentially unchanged in December after two months of growth.

Goods-producing industries contracted 0.2 per cent in the month. The utilities, construction and manufacturing sectors accounted for all of the decline.

Services-producing industries were largely unchanged. Growth across most sectors was offset by declines in educational services and healthcare and social assistance.

Looking ahead, advance information from StatCan indicates that real GDP rose 0.4 per cent in January.