Canadian Outlook Economic Forecast: Summer 2019

This quarterly economic forecast presents the short-term national outlook.

Document Highlights

The Canadian economy is projected to grow by just 1.4 per cent in 2019.

Despite the slow growth, the economy is expected to post one of its strongest job gains on record this year, while tight labour markets are resulting in strong wage growth.

Consumer spending will post another solid increase this year despite ongoing concerns about the elevated level of household debt.

The housing market will continue to cool this year, with a decline in residential investment and prices.

The outlook for business investment is weak. Businesses are expressing a great deal of pessimism about their future spending.

Canada’s merchandise exports are expected to see no growth this year, held back by weakness in the energy sector and increased protectionism abroad.