This article was last updated on April 16, 2022
Canada: 
Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…
USA: Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…
The economy of Canada has once again beaten all the odds and proven the assumptions of many analysts wrong. Given the global scenario, many experts did not expect such good progress. The month of July has seen a total of 0.2 per cent growth in the third quarter. This growth rate is double than the estimates of many experts, out of which many even predicted a negative number to appear.
Analysts claim that such sudden expansion in the economy should be viewed in the light of overall global economic scenario and Canada’s weakening export performance of the month and valued. The vice-president of economics for Scotia Capital, Derek Holt, stated that “the fear factor of a decline, given an abundance of weak indicators for the month, was avoided.” Holt mentioned that the coming third quarter is predicted to be relatively fragile due to Scotiabank’s tracking of one per cent annualized pace. This figure is reduced to half of Bank of Canada’s mentioned in July.
Robert Kavcic, from the Bank of Montreal, pointed out that the annual output has come up to a 1.9 per cent growth, which is “consistent with an economy that is still struggling to crack the two per cent growth mark.” He also identified that weak point of this month was definitely the exports sector. Statistics Canada accounted a $2.3-billion trade deficit in the month, which is the biggest in nominal terms of history.
Though analyst claims that overall it was the manufacturing sector of the economy which formed one of the main reasons of a good month, as it surpassed 0.2 per cent. Manufacturing has astonishingly grown up 0.6 per cent, as wholesale trade boost up by 0.2 per cent.
Be the first to comment