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Ottawa–Gatineau’s economy has been on a roll this year. The city added nearly 50,000 jobs in the first half of 2022—a gain of 6.4 per cent.
The momentum will allow the local economy to expand by 3.4 per cent this year.
But GDP growth will moderate to 2.0 per cent next year as stubbornly high inflation and quickly rising interest rates continue to eat away at consumers’ purchasing power.
On a positive note, households in the national capital are weathering high levels of inflation better than in other parts of Canada, thanks to the economy’s concentration in the public sector.
Infrastructure projects—particularly work on the light-rail transit system—and healthy population growth are bright spots in our outlook.
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