Lower volumes in the Canada Post segment in 2022 proved a drag on revenue growth, which was at 0.3% for the year. Parcel volumes, which declined more than a fifth year-on-year, as well as declining transaction mail volumes were only partially offset by growth in direct marketing mail as businesses re-opened post-Covid in early 2022.
An increasingly challenging macroeconomic environment emerged as the year wore on, driving up fuel and energy costs while inflation negatively impacted consumer confidence. Canada Post reports that such conditions are likely to continue into 2023, with the possibility of a nationwide recession a reality.
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