OTTAWA -
Economists say the slowdown in the Canadian economy is broadly in line with what the central bank was expecting - and hoping for. The Canadian economy grew at an annualized rate of one per cent in the fourth quarter, which exceeded economists' expectations and the Bank of Canada's most recent forecast.Economic growth during the last three months of the year was driven by global factors, including strong U.S. spending trends which boosted Canadian exports.“This is probably the weakest one-per-cent growth I think any of us have lived through,” said Douglas Porter, BMO's chief economist.
“I think the Bank of Canada is looking at all of these data in totality, and will come to the conclusion that if anything, the labour market has weakened since the time of the January monetary policy report,” he said. But the central bank has been clear that it won't wave the victory flag until inflation is on a sustainable path back to two per cent.
Source: Loan Digest (loandigest.net)
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