A war in Europe has upended the near-term outlook, which was dominated entirely by inflation until the middle of last week, when Russian President Vladimir Putin stunned the world by sending a wave of troops into Ukraine. Inflation remains too high for the Bank of Canada to ignore, especially with evidence of strong demand.
Business investment, fees related to home sales and company stockpiling led the surge in economic growth in the fourth quarter,. The latter could help offset inflation pressures, since it suggests companies were either learning how to deal with all the supply disruptions that came with the pandemic, or had decided to build their inventories in anticipation of new ones.
The Bank of Canada in January predicted Canada’s gross domestic product would grow at an annual rate of 5.8 per cent in the fourth quarter, a strong enough estimate for the central bank to conclude the time had come to end its promise to keep the benchmark interest rate near zero until at least the spring of 2022.Article content
Household spending led the most recent recovery, as Canadians took advantage of elevated savings and low interest rates to buy houses. New construction, resales and renovations were at record levels. Mortgage debt climbed 10.3 per cent in 2021, an unprecedented increase of $182.4 billion, Statistics Canada said.Article content
Source: Financial Digest (financialdigest.net)
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