Economic News and Forecasts
News Categories
Inflation Slows in May, But Is It Enough?
Jun 27, 2023 | Economic News and ForecastsStatistics Canada released the May inflation figures today. The headline Consumer Price Index (CPI) rose by 3.4% in May (vs. May 2022), down from April's 4.4%. However, excluding gasoline, the May increase was 4.4% following April's 4.9%...
Bank of Canada Boosts Bank Rate
Jun 7, 2023 | Economic News and ForecastsIn a move that caught several pundits off guard, the Bank of Canada (BoC) raised its benchmark rate by 25 basis points to 4.75%. What was surprising was the timing - many felt that, while an increase was in the cards, it wouldn't happen until the July meeting...
Q1 2023 GDP Surprise!
Jun 1, 2023 | Economic News and ForecastsStatistics Canada announced the Q1 GDP results yesterday - GDP grew by an annualized 3.1% in the quarter (versus the estimate of 2.4% noted in the article below), driven almost entirely by January growth (revised upward again to 0.7%) - March was flat (0.0% change)...
February GDP, January GDP Revision and March/Q1 Projection
Apr 28, 2023 | Economic News and ForecastsStatistics Canada came out with a basket of news today - some good, some not so good, but nothing outright bad or ugly. January GDP was revised upward to 0.6% from 0.5%. For February, growth was a more modest 0.1% - well down from their flash estimate of 0.5%...
January GDP Up by 0.5%
Mar 31, 2023 | Economic News and ForecastsStatistics Canada released January 2023 GDP, showing a 0.5% increase over December. Seventeen of twenty industrial sectors posted increases, indicating the gains were fairly evenly spread. Non-residential building construction grew by 0.3% - it's second consecutive rise...
Q4 GDP Results Released by Statistics Canada
Feb 28, 2023 | Economic News and ForecastsStatsCan today released the 4th quarter GDP results, showing no increase in economic activity in the thrid quarter. Year-over-year, preliminary results indicate the economy grew by 3.4%, led by a 4.8% increase in household consumption...
Bank of Canada Interest Rate Setting Lower Thank Expected - Is That a Good Thing?
Oct 26, 2022 | Economic News and ForecastsThe Bank of Canada (BoC) is full of surprises. At today's interest rate announcement, it increased the benchmark rate by 50 basis points, to 3.75%. This is less than the 75 basis points hike that had been expected...
Creeping Towards Recession? July GDP Results, August Flash Forecast, Released
Sep 29, 2022 | Economic News and ForecastsStatistics Canada released July GDP figures today. Month over month, GDP grew by 0.1%, as compared with their earlier flash estimate of a decline of 0.1%. Construction overall was down 0.2%; unfortunately, no separate information on ICI construction was available...
Bank of Canada: Supersize Me (Again)!
Sep 8, 2022 | Economic News and ForecastsAs expected, the Bank of Canada (BoC) raised its benchmark rate yesterday - this time by 75 basis points, to 3.25%. This puts the rate into what the Bank calls "restrictive" territory; that is, it's above the neutral rate of 3% and is designed to act as a brake on...
Q2 GDP Up, Mainly Due to Growth in April - Statistics Canada
Aug 31, 2022 | Economic News and ForecastsStatistics Canada today released figures on GDP growth for the second quarter of the year. Overall, the economy grew at an annualized rate of 3.3%. This follows a 3.1% increase in Q1. Most sectors were up although residential construction took a major hit, falling by 27.6%...