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Thank goodness the Trudeau government abandoned its promise to balance the budget in 2019: We’d be looking at a recession if it hadn’t.

Statistics Canada’s new tally of economic output should prompt gut checks all over Ottawa, from the central bank to the Prime Minister’s Office to the opposition benches. Everyone appears to have overestimated Canada’s ability to generate economic growth without the nitrous boost of zero interest rates. The world beating economy of 2017 wilted in the face of Donald Trump’s trade wars, weaker oil prices, and somewhat higher borrowing costs.

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In 2017, Prime Minister Justin Trudeau boasted about leading the strongest economy in the Group of Seven. For now, he oversees one of the weakest

Gross domestic product slowed to an annual rate of 0.4 per cent over the final three months of 2018, compared with two per cent in the third quarter, StatCanreportedon Friday.

Government spending, an unusually large accumulation of inventories, and household expendituresbarely outweigheda big drop in investment, avoiding a contraction. Overall, GDP expanded 1.8 per cent last year, compared with three per cent in 2017, when Prime Minister Justin Trudeau boasted about leading the strongest economy in the Group of Seven. For now, he oversees one of the weakest.