The Globe and Mail reports in its Saturday edition that Canada's economy was heating up heading into 2025, with Statistics Canada saying Friday that real gross domestic product rose 2.6 per cent on an annualized basis in the fourth quarter. A Canadian Press dispatch to The Globe says that is well above calls from the consensus of economists polled by Reuters ahead of the release, as well as the Bank of Canada, both of which expected real GDP to rise 1.8 per cent annualized. The agency said household spending in the quarter rose at its fastest pace in more than two years. The surge was driven by purchases of new trucks, vans and sport utility vehicles. Toronto-Dominion Bank director of economics James Orlando told Canadian Press that interest-rate cuts from the Bank of Canada through 2024 gave a boost to consumer confidence heading into the end of the year. Cheaper borrowing costs helped convince consumers they could afford a new auto loan or their mortgage renewal would not bite as hard, spurring some to loosen their purse strings. "You go to shopping malls, you go to auto dealerships, you go to restaurants and they're full," Mr. Orlando said. "Canadians are roaring back right now and they're out spending."