Industry News

01/03/2010 - Canadian real gross domestic product continued to rise both in the fourth quarter of 2009 and in December of that year, driven largely by strong consumer spending.

Real GDP increased by 1.2 percent in the fourth quarter, marking the largest quarterly increase since the third quarter of 2000, Statistics Canada reported Monday. In December alone, real GDP increased by 0.6 percent, which represents the fourth consecutive month of growth.

Strong consumer spending was a large contributor to this growth, as consumer spending on goods and services rose by 0.9 percent in the fourth quarter - matching its third quarter growth. As a result, final domestic demand rose by 1.1 percent in the fourth quarter.

Businesses may continue to see an increase in payment processing activity as rising purchase power suggests that consumer demand will remain high - real gross domestic income rose by 2.1 percent in the fourth quarter, said Statistics Canada.

Canadian merchants are encouraged to take advantage of this growth in consumer spending and purchasing power by ensuring that their POS terminals and other payment processing infrastructure are secure and up-to-date, experts say.