Following the rebound in third-quarter GDP, with growth of 3.5% annualised, we estimate that fourth-quarter GDP grew by a more modest 2.0%. Stronger growth in consumption and, to a lesser extent, business investment were most likely the main factors underpinning fourth-quarter economic growth. We still expect Canada's GDP growth to slow even further this year as the US economy regresses and domestic demand is constrained by a weaker housing market.