BCREA ECONOMICS NOW
Canadian Real GDP Growth - February 28, 2014
The Canadian economy grew 2.9 per cent at an annual rate in the fourth quarter, and 2 per cent for all of 2013. Growth was led by strong household consumption expenditures and an uptick in exports of goods and services. However, an accumulation of business inventories also contributed significantly to growth in the fourth quarter, which may reverse to start 2014.
The Canadian economy grew at a robust average rate of 2.8 per cent in the second half of 2013. Stronger growth, along with the recent acceleration in inflation and a steep decline in the loonie, will likely quiet speculation of a Bank of Canada rate cut. We are forecasting that the Canadian economy will further improve in 2014 growing 2.5 per cent with the Bank of Canada on the sidelines until 2015.
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|Cameron Muir||Brendon Ogmundson|
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