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.
Document Highlights
The Canadian economy is forecast to grow by 1.9 per cent this year and by 3.2 per cent in 2004.
Hurt by a rapid rise in the dollar and sluggish U.S. growth, exports are projected to contract by 1.9 per cent this year.
The Bank of Canada is expected to lower interest rates later this year in an effort to shore up economic growth.
A sharp reduction in inventory accumulation will occur during the second quarter of this year, but the impact on GDP growth will be largely offset by lower imports.
Strong growth in public spending will give the economy a significant boost this year.
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