Canada’s GDP To Increase by 2.6%

20 March 2012 08:00am - Mark Maffia

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Canada’s GDP To Increase by 2.6%

According to the latest economic predictions from the Royal Bank of Canada, Canada’s economy grew at a moderate pace in the last quarter of 2011 and is forecasted to pick up steam this year. The RBC Economic Outlook expects Canada’s gross domestic product to increase by 2.6% in 2012 and 2013. The report shows that a strengthening US economy, low interest rates, solid corporate sheets and elevated commodity prices are also set to add to this continued expansion.

The pace of consumer spending eased to 2.2% in 2011, from 2010’s 3.3% rise. RBC predicts consumer spending for 2012 and 2013 will grow at a rate similar to last year, with durable goods accounting for about a quarter of the increase. If we look at the results regionally, RBC expects western Canada to top the growth rankings in 2012 with Alberta and Saskatchewan being the forerunners and Manitoba close behind.

Craig Wright, RBC’s senior vice president 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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