Gross domestic product declined at an annual rate of 0.6 per cent over the final three months of 2025, as companies switched to reducing inventory from stockpiling. On the year, GDP expanded 1.7 per cent, the poorest showing since the COVID-19 pandemic recession in 2020, Statistics Canada said. (The Logic)

Talking point: Canada clocked growth at annual rates in excess of two per cent in the first and third quarters, and recorded slumps in the second and fourth quarters. The yo-yo pattern reflects the U.S. government’s up-and-down tariff policy, which prompted traders to stockpile during breaks in the chaos. Exports were a net positive in the most recent quarter, although much of that was the result of soaring gold prices. Household consumption and government spending on weapons also partially offset the decline in business spending. U.S. President Donald Trump failed to break the economy, but the uncertainty he’s created will keep it from lifting off.

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