Canada's real gross domestic product (GDP) rose 0.6% in the fourth quarter of 2024, Statistics Canada reported Friday.

Higher household spending, increased exports, and business investment drove growth. On a per capita basis, GDP increased 0.2%, reversing a 0.1% decline in the previous quarter. However, GDP per capita dropped 1.4% for the full year, marking a second consecutive year of decline.

Exports rebounded with a 1.8% increase, led by crude oil, gold, and automobiles, while imports grew 1.3%. Despite economic growth, wages rose at a slower pace, and household savings declined to 6.1% from 7.3% in the previous quarter.