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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

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31 May 2019

Canada shows the lowest economic growth in four years

During the first quarter of this year, the Canadian economy showed an annualized growth pace of only 0.4%, marking the lowest quarter result since 2015.

The revised GDP growth reached only 0.3% in the first three months of 2019, says Statistics Canada.

According to its recent report, it’s the weakest two-quarter growth since the economy was down in 2015, hit by a sharp oil prices decline.

Meanwhile, Thomson Reuters Eikon says economists predicted a 0.7% increase.

Statistics Canada believes the main reason for such a decline in Q1 was weak performance of net trade with imports growing by 1.9% and exports reducing by 1% for the first time since 2017.

In addition to it, Canada also reported a significant 9.5% decrease in exports of farm and fishing products. Crude-oil shipments were down by 2.8%.

At the same time, the overall economic growth was supported by the largest quarterly level of household spending in 2 years, with massive gains in auto purchases and audio-visual equipment.

Business investments in equipment and machinery rose by 8.7%, marking the largest increase in 23 years. The main driver of such a hike was significant investment in aircraft and other transportation equipment.

Based on March numbers, the report predicts a better start of Q2, as March saw a 0.5% gain, while February reported a 0.2% drop.

The real umbers exceeded the central bank’s 0.3% forecast slightly.

Yesterday, Carolyn Wilkins, the Bank of Canada’s senior deputy governor, noted the latest economic slowdown was only temporary. According to her, the growth has already improved in Q2, and the BoC predicts 1.3% growth for it.

Wilkins expects Canada’s economy to keep gaining the pace during the rest of 2019.

 

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