BCREA ECONOMICS NOW - Canadian Monthly GDP Growth
BCREA ECONOMICS NOW
Canadian Monthly GDP Growth - January 31, 2012
The Canadian economy unexpectedly contracted 0.1 per cent in November following no growth in October. Economic growth was driven lower by a declining in output in the energy sector, partially due to maintenance shutdowns in the production of crude oil, but also on lower extraction volumes of natural gas. On a year-over-year basis, real GDP growth was 2 per cent in November.
Through the first two months of the fourth quarter the Canadian economy grew at about a 1.5 per cent rate, a significant deceleration from a third quarter that saw the economy grow by 3.5 per cent. We anticipate that the Canadian economy will continue to grow at about a 1.5 to 2.0 per cent rate for the first half of 2012 and that slower than potential economic growth will put moderate downward pressure on inflation and keep the Bank of Canada in a holding pattern.
For more information, please contact:
Cameron Muir | Brendon Ogmundson |
Chief Economist | Economist |
Direct: 604.742.2780 | Direct: 604.742.2796 |
Mobile: 778.229.1884 | Mobile: 604.505.6793 |
Email: cmuir@bcrea.bc.ca | Email: bogmundson@bcrea.bc.ca |
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