Provincial Forecasts

Confidence in July Continued to Rally High: Index of Consumer Confidence

Thanks mainly to Ontarians and Quebecers’ improving confidence this month, the index started to trend above its pre-COVID-19 level. With more pandemic restrictions easing across the country in July, Canadians are increasingly confident about their current financial situations and feeling good about making big purchases. This points to consumers’ positive sentiments finally coming back after the third wave. We expect that this confidence will be reflected in robust household consumption this summer.

Online experience | 8-min read
July 29, 2021
Focus Area— Canadian Economics

Building on COVID-Period Immigration Levels: The Economic Case

Immigration creates population and economic growth and is key to Canada’s future prosperity. Immigrants provide skilled labour and replace Canada’s retiring workers. They help companies innovate and access new markets, and they start or invest in businesses that generate employment for other Canadians. Immigrants also contribute to economic growth as consumers by increasing the demand for goods and services.

Impact paper | 20-min read
July 28, 2021
Focus Area— Immigration

The surge in new COVID-19 cases last autumn continued in the early part of this year and led to a return of strict lockdowns in many parts of the country. Despite the weakness in lockdown-sensitive sectors such as food and beverage services, arts, and recreation, economic growth held up in the first quarter of this year. Strong activity in the resource sector, manufacturing, and construction has allowed for an upward revision to our growth forecast for 2021 from what we released in our spring Canadian outlook.

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Online experience  | 8-min read
July 14, 2021
Focus Area— Canadian Economics