This quarterly economic forecast provides highlights of the Canadian Outlook report, which presents the short-term national outlook.
Canadian Outlook Economic Forecast: Autumn 2006
Canadian Outlook Economic Forecast: Autumn 2006
Canadian Economic Analysis
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- Consumer spending growth will weaken south of the border as U.S. real estate prices slump.
- A more pessimistic outlook for the trade sector has curbed the forecast for real GDP growth to 2.7 per cent this year and 2.9 per cent in 2007, down from 3.1 per cent growth foreseen each year in the summer Canadian Outlook.
- Canada will continue to experience outstanding growth in domestic demand. In particular, real household spending will post growth near 4 per cent this year, bolstered by outstanding gains in after-tax income.
- Concerns over global inflation are evaporating as energy prices retrench and U.S. economic growth softens. The Bank of Canada is expected to keep short-term rates flat until late 2007.
- Easing commodity prices through this year and next are expected to result in a softer currency; the loonie is forecast to drift down to US$0.88 by the end of 2007.
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