Tag Archive for: Statistics Canada

Slow Progress

Slow Progress

Slow progress is still progress. The latest economic figures are out and the Canadian GDP grew by .7% in the third quarter compared to the estimate of .4%. At an annualized rate the economy grew by 2.9% in the third quarter. While still not a recession the rate of growth has been shrinking over the past few months. This is down from an estimate of 3.2%, which was driven by strong exports of oil & gas products.

The key to the reports was the changing demand from Canadian consumers which was down 1% and business investment dropped 5.1%. Both key figures which point that we are heading towards negative territory very soon. The silver lining may be that these pullbacks may give the Bank Of Canada the data they needed to start softening the interest rate hikes so we may … Read more