The Canadian economy has been on a bit of a hot streak lately, particularly when it comes to job creation and economic growth.

In addition, the Bank of Canada latest report held the overnight interest rate constant at 0.50%, even though the economy and the job market appeared to be reviving. The Bank also observed that the recent inflation surge in Canada was temporary, and hinted that there was no reason to follow the U.S. with higher rates this year.

Nonetheless, for all of 2016, the Canadian economy only grew by a disappointingly low 1.4%.

Canadian real GDP grew at an annualized rate of 2.6% in the fourth quarter with large contributions coming from foreign trade and consumer spending. Growth in the fourth quarter was far stronger than the Bank of Canada’s earlier projection of 1.5%. Economic growth in the third quarter was also revised up to 3.8% from an earlier estimate of 3.5%.

Unfortunately, business investment fell for the ninth consecutive quarter in Q4 as Canada continues to absorb the troubled impact of lower resource prices for oil and other commodities.

However, commodity prices have recently stabilized, so ultimately this should trigger a modest resumption of business capital spending.

Finally, since December’s monthly GDP estimate expanded by a healthy 0.3%, the latest evidence suggests that Canada’s economy had considerable momentum at the beginning of 2017.

But as a recent Well Fargo report indicated, the BoC and the entire financial community continue to worry about the elevated levels of consumer debt in Canada.