This quarterly economic forecast examines the short-term economic outlook for Canada – all major components including consumer expenditures, housing, government, non-energy business investment, and trade. The outlook for the financial, labour, and energy markets is also given along with costs and prices. The U.S. economic outlook is presented in a separate section.
Canadian Outlook Economic Forecast: Autumn 2007
Canadian Outlook Economic Forecast: Autumn 2007
Canadian Economic Analysis
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- U.S. household spending will slow drastically over the coming months and into 2008, adding to the woes of Canadian manufacturers and exporters. The United States will avoid recession thanks to recovering business investment and excellent growth in exports.
- Lower interest rates south of the border have shored up confidence in the U.S. and global economies, and provided the boost needed to bring the Canadian dollar to parity.
- High commodity prices and a booming domestic economy are spurring incomes and profits in Canada. The boom continues to lift government revenues well beyond expectations.
- Housing markets in Canada remain tight, as exemplified by the continued sharp rise in home prices.
- The Bank of Canada remains concerned over inflationary pressures, but the weaker U.S. economy and the surge in the loonie are expected to sideline any further rate hikes until late 2008.
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