Another Year Of Solid Growth For Canada’s Economy

22 March 2012 07:00am - Florence Fullalove

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Another Year Of Solid Growth For Canada’s Economy

According to the newest economic forecast from the Royal Bank, Canada’s economy grew at a moderate pace in the last quarter of 2011 and is predicted to pick up steam in 2012. The RBC Economic Outlook expects Canada’s gross domestic product to increase by 2.6% in 2012 and 2013. They say that the low interest rates, elevated commodity prices and significant signs of a recovering US economy are all helping expansion. Looking at Canada regionally, western Canada is predicted to lead the growth rankings his year with Alberta and Saskatchewan at the top and Manitoba not far behind.

RBC forecasts consumer spending in 2012 and 2013 will grow at a rate similar to the 2.2% seen in 2011, with durable goods making up about a quarter of the increase. Canada is also expected to benefit from improving demand for exports such as autos and machinery.

Craig Wright, RBC senior vice-president has said, “Canada’s economic growth clocked in at 2.5% in 2011, shaking off a few speed bumps in the middle of the year and ending the fourth quarter with only moderate real GDP growth of 1.8%.” He added, “The country’s main engines of economic activity from the early days of the recovery – consumer spending and residential investment – are likely to play supplementary roles as the economy shifts into slightly higher gear on the road ahead.”

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