Canadian Economy Powered Up

14 Jun 2016

The growth of Canadian economy is expected to grow by 1.5% in 2016, British Columbia is to lead the country in the path of growth. The 4 provinces which are going to see the GDP growth are – B.C., Ontario, Manitoba and Prince Edward Island.  Alberta will remain in recession for this year and rebound in 2017.

Don Pittis quoted, “Startling Canadian GDP numbers could signal economic turning point”. The Conference Board pointed out that Canada will be on two speeds where, the resource depending provinces will remain slow in growth whereas the manufacturing exports will grow.

British Columbia is the fastest growing province in next two years, as the boom in economy is shown by 3% in 2016 and 2017. Mining sector is weak but the forestry, construction, transportation, and the real estate industry show power growth.

The optimism in these four provinces is offset by a two per cent contraction in Alberta, where disappointing oil prices and the impact of the Fort McMurray fires will continue the recession that began last year.

There are positive vibes for Canada’s Economy Growth but there a couple of fallings in:

•          Oil and gas sector
•          Non – energy investment is lacking
•          Consumers are also reducing
•          Lacks prospects of growth economy globally
•          Grotwh for U.S. is also moderate

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