Petrobot: ARE U HIGH. FIX YOUR PROVINCE BEEP BLEEP
Canadian GDP outlook slashed to 1.2% with 3 provinces in recession
Economists continue to scale back their forecasts for Canadian growth this year, with both TD Economics and RBC Capital Markets saying the economy will expand by just 1.2 per cent and three provinces will remain in recession.
Alberta is taking a hard hit because of low oil prices, with RBC forecasting a 1.3 per cent contraction in the provincial economy in 2015. Newfoundland and Labrador could shrink by three per cent and Saskatchewan's economy is also expected to contract.
TD slashed its 2015 forecast for Canadian GDP growth by 0.4 percentage points to 1.2 per cent and its 2016 prediction by 0.3 percentage points to about two per cent.
RBC is slightly more bullish on 2016, saying the economy could grow 2.2 per cent.
But there are plenty of risks hanging over those forecasts, with global growth uncertain and commodity prices volatile.
China is a key driver of global prices, especially for metals, an important Canadian export. Its slowdown could cast a shadow over export performance, which TD predicts will lead to growth in the last half of the year. And unpredictable oil prices mean there's no sure way of projecting numbers into the coming year.
..more....
http://www.cbc.ca/m/news/business/gdp-outlook-1.3238659
Canadian GDP outlook slashed to 1.2% with 3 provinces in recession
Economists continue to scale back their forecasts for Canadian growth this year, with both TD Economics and RBC Capital Markets saying the economy will expand by just 1.2 per cent and three provinces will remain in recession.
Alberta is taking a hard hit because of low oil prices, with RBC forecasting a 1.3 per cent contraction in the provincial economy in 2015. Newfoundland and Labrador could shrink by three per cent and Saskatchewan's economy is also expected to contract.
TD slashed its 2015 forecast for Canadian GDP growth by 0.4 percentage points to 1.2 per cent and its 2016 prediction by 0.3 percentage points to about two per cent.
RBC is slightly more bullish on 2016, saying the economy could grow 2.2 per cent.
But there are plenty of risks hanging over those forecasts, with global growth uncertain and commodity prices volatile.
China is a key driver of global prices, especially for metals, an important Canadian export. Its slowdown could cast a shadow over export performance, which TD predicts will lead to growth in the last half of the year. And unpredictable oil prices mean there's no sure way of projecting numbers into the coming year.
..more....
http://www.cbc.ca/m/news/business/gdp-outlook-1.3238659
