Fourth quarter 2002

Overview
Economic activity slowed in the fourth quarter of 2002 as real GDP advanced 0.4%, less that one-half of the pace set in the previous quarter. A drop in exports during the quarter, was only partly offset by sustained strength in personal expenditures. The economy lost steam over the course of the quarter, with GDP up a modest 0.1% in both November and December.

National economic and financial accounts
Growth in the economy slowed in the fourth quarter to 0.4% from 0.9% in the third quarter. For the year, the rate of growth increased to 3.4%, similar to growth over much of the last decade which has averaged 3.5% each year.

Balance of international payments
The seasonally adjusted Current Account surplus fell $0.9 billion to $3.3 billion in the fourth quarter of 2002.

Gross domestic product by industry
The economy lost steam over the course of the quarter, with GDP up a modest 0.1% in both November and December. A resilient consumer and a vibrant mining and oil and gas sector were the main contributors to growth in GDP in December.